Bill Ackman’s 3Q18 Letter: Starbucks, Hilton, Fannie/Freddie

YTD 11/13/18, NAV increased by 9.7% compared to S&P 500’s 3.5% Starbucks Corporation (SBUX) Purchased at an average price of $51/share Built the world’s most valuable specialty coffee brand by first creating the category in the US and then expanding globally Brand is synonymous with premium products and a high-end experience for both customers and […]

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Pershing Square 1Q17 Letter – CMG, HLF Short, FNMA/FMCC, MDLZ, HHC, APD, QSR, PAH, NOMD

Pershing Square 1Q17 Letter, May 11, 2017 Performance 1Q17 -2.3% gross returns vs. S&P 500 6.1% returns Since inception: 22.8% gross returns (7.1% net) vs. 84% S&P 500 Restaurant Brands 3.2%, Chipotle 2.0%, Platform Specialty Products 1.2%, Nomad 0.6%; Fannie Mae -2.2%, Mondelez -2.2%, Herbalife -1.9%, Air Products -1.3%, Freddie Mac -1.2%, Valeant -1.0% Fannie […]

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