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Bill Ackman and His Hedge Fund, Betting Big - NYTimes.com
By ALEXANDRA STEVENSON and JULIE CRESWELLOCT. 25, 2014

“We certainly have to make bigger investments, that’s definitely true. But not riskier investments.” Asked about failures, like the Target bet, he sighed deeply. “Target was a bad investment,” he said, “but out of 30 investments, I don’t know of another investor with as high a batting average.”...Mr. Ackman’s role as an activist hedge fund investor is to persuade other shareholders that he knows how to run companies better than current management does. This involves research, argument and, perhaps most important, a sensitivity to how every pronouncement and gesture will be perceived....“I said, the next time I have a really good idea, I’m not going to listen just because someone is older than me.” Mr. Ackman continued, “It’s not going to stop me from going forward.”...His first foray into activist short-selling was in the spring of 2002, when he released a 48-page, scrupulously researched paper criticizing the management and reserve levels of the Federal Agricultural Mortgage Corporation....At Gotham, he learned that he needed research and a story. At Pershing, he perfected the skill of telling that story to an audience of shareholders, corporate directors and the news media.... he has spent $50 million just on research and legal fees for his campaign ...
Communicating_&_Connecting  big_bets  hedge_funds  investors  shareholder_activism  storytelling  William_Ackman 
october 2014 by jerryking
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