Against the odds: Ackman back at Canadian Pacific – why it matters
Ackman backs the track… again
Forget logistics for a moment. In case you missed yesterday’s massive drop in the value of Netflix (the second time it happens this year), here is a very good investing lesson from Bill Ackman:
20 April 2022
“Today, we sold our investment in Netflix, which we purchased earlier this year. The loss on our investment reduced the Pershing Square Funds’ year-to-date returns by four percentage points. Reflecting this loss, as of today’s close, the Pershing Square Funds are down approximately two percent year-to-date.
“One of our learnings from past mistakes is to act promptly when we discover new information about an investment that is inconsistent with our original thesis. That is why we did so here.”
The full letter can be read here.
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