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Bill Ackman is done with activist short-selling, will focus on quieter, long-term approach


Bill Ackman is the founder and CEO at Pershing Square Capital Management.


Bill Ackman, an investor, said Tuesday that he would no longer participate in activist short-selling campaigns. This was a practice that Ackman engaged in which led to some of the most memorable Wall Street battles ever seen.

“Despite the fact that we were not involved in this investment strategy, Pershing Square has received a lot of media attention.” Ackman stated in an annual letter that, “In addition to huge media hits and our two short activist investments, it managed to inspire both a book & a movie.” We have retired permanently from this field of work, both for the benefit of all and for our reputation for being supportive constructive owners.

This decision was made years after his five year battle against the virus. Herbalife2018 ended in huge losses. Pershing Square Capital management’s CEO and founder had placed an enormous bet on the financial supplement maker that he believed was operating a pyramid scheme.

Ackman wrote that he believed the capital could be better used in other opportunities. This was especially true when you consider the opportunity costs of time. The aphorism, “You don’t have to get it back the same way as you lost it”, has been a constant reminder for us.

Ackman was at the peak of his Herbalife fight when he engaged in an on-air verbal brawl on CBNC with Carl Icahn.

Ackman also sold mortgage loans companies FannieMae & FreddieMac to Ackman in 2007, just before the Great Financial Crisis. They were both successful bets.

Pershing Square 3.0