Friday, 19 September 2014
Last updated 15 hours ago
Sep 5 2013 | 1:20pm ET
A brutal summer for Pershing Square Capital Management has nearly wiped out the firm's 2013 gains.
The activist hedge fund lost another 3.6% in August, Reuters reports. Coupled with its 2.2% drop in July, the loss leaves Pershing Square—which was up about 8% through the middle of July—with a positive return of just 0.3% on the year.
In a letter to investors, Pershing Square chief William Ackman did not specify which investments were responsible for the swoon. But the firm is known to have taken large losses on its $1 billion short against nutritional supplements company Herbalife, and late last month sold off its entire 18% stake in struggling retailer J.C. Penney Co. at a loss of about $500 million.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.