, Columnist
Bill Ackman Can't Even Make Money Off Himself
Shares of his publicly traded fund are off 14 percent since he started buybacks.
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Add Bill Ackman to Bill Ackman's list of losing investments.
Earlier this year, Pershing Square Capital Management, Ackman's hedge fund firm, began buying back shares of the publicly traded version of its investment fund, essentially taking money clients gave him to invest and wagering it on himself. So far, the move looks as if it could be another blunder among hedge funds fumbling for fresh ideas. Since early May, Ackman's firm has bought more than 2.8 million shares of Pershing Square Holdings LTD, which is listed in London and Amsterdam. The share purchases cost $41.5 million. But those same shares, if they were trading today, would be worth only $38.4 million, or $3.1 million less than what Ackman paid.