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For the Ackman haters


jawn619
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http://assets.pershingsquareholdings.com/2014/09/Pershing-Square-2015-Annual-Letter-PSH-January-26-2016.pdf

 

"I have often stated that in order to be a great investor one needs to first have the confidence to invest without perfect information at a time when others are highly skeptical about the opportunity you are pursuing.  This confidence, however, has to be carefully balanced by the humility to recognize when you are wrong.  While no one here is enthusiastic about delivering our worst performance year in history in 2015, it certainly does a good job reinforcing the humility-side of the equation that is necessary for long-term investment performance.  In 2016, we would like to generate results that reinforce the confidence side of the equation.  Humility and skepticism will help get us there. " -Bill Ackman

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