Bill Ackman’s 2017 Annual Letter – ADP, QSR, MDLZ, HHC, CMG, FNMA/FMCC, Exiting Herbalife Short

Automatic Data Processing (ADP) Simple, predictable, FCF generative business that has underperformed its potential Took an active approach to our investment in the company and ran a proxy contest to highlight the significant opportunity for improvement at the company ADP’s management has committed to: Enterprise Product Launch: ADP stated that it has an “upcoming” release […]

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Bill Ackman

Bill Ackman is the founder and CEO of Pershing Square Capital Management, an activist hedge fund founded in 2004. Bill Ackman has publicly launched activism campaigns including Wendy’s, Herbalife, JC Penny, Valeant, and many others. He has come under significant media scrutiny over his activism campaigns, particularly with his short position on Herbalife and his […]

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