Bill Ackman’s 1Q18 Letter: UTX, FNMA/FMCC, CMG, ADP, MDLZ

1Q18 return of -8.2% vs. S&P 500 of -0.8% United Technologies Corporation (UTX) UTX is a leading industrial holding company which owns a number of high-quality businesses which benefit from favorable long-term growth trends and recurring long-term cash flows Company operates in three distinct principal divisions: 1) Aerospace systems (UTAS) and engines (Pratt & Whitney); […]

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