We’re hope you’re proud of yourselves, British people: You’ve sent the markets into a tailspin, you startled an old man, and you’ve put a smile on the odious face of Nigel Farage. OH YEAH, and you’ve cost Bill Ackman as much in two days as it took him three years to lose on J.C. Penney. And you’ve (helped) derailing his nascent comeback. And made him think twice about hitting Marea three times this week. And maybe even made him briefly forget about Herbalife—and NOT IN A GOOD WAY.
Since British voters opted to abandon the European Union stocks around the globe have tumbled, losing just over $3 trillion, according to Standard & Poor’s. But unlike other recent routs at least so far, it appears that hedge funds have fared better than most other investors. One of the few exceptions appears to be Ackman….
Overall, Ackman appears to have lost just over $711 million since the Brexit vote, or a drop of 9% in the value of his portfolio.