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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Bill Ackman’s 2Q17 Letter – ADP, Chipotle, Fannie & Freddie, Herbalife Short, Hilton Exit

Pershing Square Interim Financial Report (Six Months Ended 6/30/17), August 17, 2017 6/30/17 YTD returns of -2.3% vs. S&P 500 9.3% Automatic Data Processing (ADP) – New Investment Classic Pershing Square investment – simple, predictable, FCF generative business that has underperformed its potential As a conservatively financed, capital-light business with long-term customer relationships in a […]

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