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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