Can you believe these hedge fund guys back here with whom I have no association?
Let's get one thing straight. Pershing Square is not a hedge fund. And Bill would appreciate it if you'd stop describing it as thus.
Mr Ackman, whose Pershing Square International fund was the best performing large hedge fund in the world last year, said his investment style differed from that of large swaths of his competitors, and he claimed that his new Amsterdam-listed closed ended fund marked a further break with the sector. “It is like any industry; there are good funds, there are bad ones, there are great ones. [But] call us something else, I would prefer that,” Mr Ackman told the Financial Times. “The only thing we share with the majority of hedge funds is our compensation structure; we have an incentive fee and a management fee,” Mr Ackman said. “But we look very different, we don’t use leverage, half our capital base is permanent, $7bn of which is in a public entity [Pershing Square Holdings]. We are very concentrated and have a long-term holding period, for four or five or six years”.