Bill Ackman - Pershing Square 3Q 2011 Shareholder Letter

[farnamstreet]

http://myinvestingnotebook.blogspot.com/2011/11/bill-ackman-pershing-square-3q-2011.html

[Liberty]

2014 Q2 letter:

 

http://www.scribd.com/doc/236712968/Pershing-Sqr-1Q-2Q-2014-Investor-Letter-1-1

 

Nice shoutout to Ian Cummings and Joe Steinberg in the intro.

 

21% after-fees CAGR over 10.5 years with average of 14% cash. 27.7% gross CAGR over same period. Not bad.

 

The part about Allergan's management is worth reading.

[PLynchJr]

Not bad?  Man some people are hard to please!  ;)

[Liberty]

I should probably have used a smiley next to "not bad"  :D

[learner]

The link (http://www.scribd.com/doc//Pershing-Sqr-1Q-2Q-2014-Investor-Letter-1-1) doesnt seem to be working.  Do you mind reposting the link?

 

[Liberty]

The link (http://www.scribd.com/doc//Pershing-Sqr-1Q-2Q-2014-Investor-Letter-1-1) doesnt seem to be working.  Do you mind reposting the link?

 

Sorry about that. I've updated it above, and here it is again:

 

http://www.scribd.com/doc/236712968/Pershing-Sqr-1Q-2Q-2014-Investor-Letter-1-1

 

btw, if anyone has just the PDF version, I'd really appreciate it. I hate how Scribd makes it impossible to save anything, even if they don't actually own it.

[jay21]

Does anyone have a good idea on what he plans with PSH?  Is it just capital for his hedge fund or is he going to acquire companies?

 

Thanks

[peter1234]

Does anyone have a good idea on what he plans with PSH?  Is it just capital for his hedge fund or is he going to acquire companies?

 

Thanks

 

I believe it is just permanent capital to be invested in his regular funds.

 

PSH was formed over 2 years ago and has attracted significant assets (some LPs converted their regular stakes).

 

;)

[muscleman]

Do you want to invest through PSH?

I think due to his long holding periods, it may be better to just buy the stocks that he has announced?