In a somber note by the once illustrious hedge fund manager, Bill Ackman, he reported to be down more than 17% for 2016, thanks to an investment plan that consists of concentrated gambles on some very high beta stocks.
Moreover, these losses, when coupled with last year’s 20% drubbing, means that the entirety of his insider trading (AGN deal) fueled 40% returns, which was perfectly legal, are now gone.
Poof. Vanished from existence. It never happened.
At Pershing’s high water mark, assets under management were $20 billion. As of today, a little less than $12 billion.
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I love it when anyone looses one billion dollars or more. I would have quit the industry at a one billion dollar gain and become an internet troll drinking Amstel Lights and Woodford Reserve all day while having my toe bone sucked on by beautiful women of exotic ethnic employed origins. I wouldn’t even watch Bloomberg.
So you think. Maybe you are right about yourself, but many people get caught in believing that the meaning of life is to make more and more billions, and get addicted to trying to do so.
Humans get into habits that do not seem to make any sense to someone looking at them from the outside. But inside the person’s body, the rewarding brain chemicals act the same way they act in addiction. Or with the body and mind feel comfortable only when on some well trodden habitual path. So the course of action the person is taking seems unquestionable and unstoppable, to them.
Habits are powerful. They function similarly to instincts in lower animals– unless the person realizes they have the power to change their habits. But most people– whether rich or poor– don’t ever realize that.
Meant to type “Or the body and mind feel comfortable only”
Truly wonder what’s going through his stubborn head right now
“Should’ve listened to my mother and gone into plastic surgery. I’d be up to my neck in T&A right now – instead of alligators.”
+1 !
Fuck me.
He’s looking kind of mortal all of a sudden.
Is it possible that he switched some trades around to line his own pockets? Possibly he MADE-OFF with the profits?
And i’ll bet he paid taxes on gains that are now gone. At least he will have some tax loss carryover for quite a while.
uh…is SHAK really 85% short ? lmfao. seriously.
oh Ackman…i sold my $69 VRX above $80 this morning. Thanks Bill.
never mind someone updated it to 45%
Yesterday Macke wrote about how lousy humans are at pattern recognition, especially in falsely perceiving patterns that are not really there. Yep.
Like a Phoenix, Bill and his portfolio will rise from the ashes. I’m banking on it through VRX.
Mr. Ackman retains his 2 and 20 from prior years including the 2% from this year (2% x $12 billion = $240 million). Is Mr. Ackman’s wealth declining 17% this year and 20% from last year? Um, no.
Investors would have been better served by buying SPY or SPXL if they wanted juice in Jan 2014 and sitting on it for two years.
He may Have been following the option addicts option trades.
See if he stopped at SPX 1755ish area he would be in the same position, and would have two years to go have fun.
Ackman’s demise began around the time he paid $90m for an apartment “for fun”. The same thing happened to Bobby Axelrod. Obviously a corollary of the new headquarters phenomenon.