Forget Tiger Woods. On Wall Street, Bill Ackman is attempting a comeback for the ages — perhaps by reverting to investing basics.
‘For a while there, we forgot that our main job was to make money, so we woke up, and now we’re back in the money making business.’ Bill Ackman At a money-manager conference in New York earlier this week, Ackman acknowledged a string of missteps in recent years that saw his main hedge fund Pershing Square Capital Management stumble badly, shrinking to around $11 billion from a peak of $20 billion in 2015.
Part of the hedge fund’s success can be attributed to the manager dialing back somewhat on aggressive activist tactics and complex deals, and focusing on bread-and-butter businesses, including fast-casual Mexican chain Chipotle Mexican Grill Inc. CMG, +1.71% which is up 62% so far in 2019, according to FactSet data. He also bought stakes in Starbucks Corp. SBUX, +1.25% up 18.1% on the year, United Technologies Corp. UTX, +0.
Ackman’s performance is even outperforming a stock market that is on a solid bull rally, despite a host of macroeconomic and political fears. At least part of Ackman’s comeback can be credited to his January marriage to Neri Oxman, a professor at the MIT Media Lab, according to the New York Post.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bill Browder files Swedbank money laundering complaint in LatviaBill Browder, an investor who campaigns to expose corruption, has taken a crimin...
Read more »
Analysis | Power Up: Bill Barr holds keys to the most consequential questions of Trump's presidencyAnalysis: Bill Barr holds keys to the most consequential questions of Trump's presidency
Read more »
The Latest: French government to push Notre Dame billGet breaking national and world news, broadcast video coverage, and exclusive interviews. Find the top news online at ABC news.
Read more »
L.A. City Council opposes state bill that would lift local zoning rulesThe Los Angeles City Council opposed a plan by a San Francisco-based state senator to lift zoning restrictions on properties near rail stations, bus routes and areas with a higher number of jobs.
Read more »
New Gold Star family free tuition bill introduced in NY State Senate after Assembly rejection backlash'We can’t make up for the loss of the parent, but we can at least make sure they get the college education they deserve,' said New York state senator John Brooks of his bill.
Read more »
A Bipartisan Bill Is Introduced To Retain And Expand The Federal Electric-Car Tax CreditsThe credits would drop in value a bit but would be extended for years.
Read more »
Opinion | The FBI Needs a Grand JuryOpinion: Only the threat of indictment will get William Barr to the truth—and reform the FBI, writes wjmcgurn
Read more »
Ohio legislators to hear bill to save nuclear power plantsA House of Representatives subcommittee in Ohio will hear a clean energy bill on...
Read more »