Saturday, 30 August 2014
Last updated 18 hours ago
Jun 4 2013 | 11:41am ET
Pershing Square Capital Management founder William Ackman has said that shutting down Herbalife, the nutritional supplements company that he has called a pyramid scheme, would be a high point in his life.
Ackman told the Financial Times, during an interview ostensibly about the Pershing Square Foundation's £4.5 million gift to Oxford University's business school, "If I manage to close down that company I will consider it the greatest achievement of my life."
Ackman in December opened a $1 billion short against Herbalife, reopening a decade-long feud with Carl Icahn, who is now backing the company. Herbalife has denied Ackman's allegations.
And while it may not be his greatest achievement, Ackman has turned a tidy profit on his investment in Canadian Pacific Railway, which he seized control of last year. Pershing Square said this week that it would sell a quarter of its CP shares over the next six to 12 months, which at Monday's closing price would earn it a roughly US$600 million profit.
CP shares have tripled in value since Ackman bought his stake.
Even after the sale, Pershing Square will be CP's largest shareholder.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...