No story has warmed the cockles of our cold, black heart quite like the journey of self-discovery and improvement that has recently been undertaken by our pal, William Albert Ackman.
After a rough few years, The Ack-Man has taken it upon himself to strip his mental house down to the studs and rebuild. Gone are the massive oversteps and attention-seeking mega bets that got him in trouble before. Bill Ackman 2.0 is not out there looking to be Bill Ackman, he's a mindful investor looking to see what others aren't. He doesn't even have a driver any more for fuck's sake.
You can laugh at the old Bill Ackman for all his Don Quixote histrionics with losses in Family Dollar, Target and JC Penney. But the joke is on you going forward because the new Bill Ackman doesn't make old mistakes...
William Ackman’s Pershing Square Capital Management LP is joining another activist investor in Lowe’s Co., hoping to profit as the retailer tries to make improvements under a new chief executive.
Pershing Square has built a stake in the home-improvement chain valued at roughly $1 billion as of Tuesday’s close in what is expected to be a friendly investment, according to people familiar with the matter. Lowe’s had a market value of roughly $77.7 billion on Wednesday afternoon.
Well, hey, not every retail stock has to be a loser in the hands of Bill Ackman. And it's not like there are borderline satirical signs from the cosmos that Bill is falling into old habits...
The people said Mr. Ackman supports Lowe’s incoming Chief Executive Marvin Ellison, who during 12 years at Home Depot Inc. was credited with improving customer service and e-commerce and expanding its professional business. On Tuesday, it was announced that Mr. Ellison would leave his position as CEO at struggling retailer J.C. Penney Co. to take the top job at Lowe’s, where he is expected to draw from the same playbook he used at Home Depot.
Mr. Ackman’s new stake in Lowe’s makes for an unusual union with Mr. Ellison, who helped stanch the bleeding at J.C. Penney in 2014 after Ron Johnson, a CEO Mr. Ackman had recruited, upended Penney’s pricing strategy and offerings to disastrous results.
Change is hard, you guys.