Bill Ackman’s Investor Pres (Jan 2018): Fannie & Freddie; Herbalife Short; Nike, ADP, Mondelez; Chipotle; QSR; HHC; PAH

Pershing Square London Investor Meeting, January 29, 2018 6% net returns since inception (1/1/04) vs. 220.8% S&P 500 Core Investment Principles Simple, predictable, FCF-generative business Formidable barriers to entry Limited exposure to extrinsic factors that we cannot control Generally, low financial leverage levels Minimal capital markets dependency Typically, highly liquid, mid- and large-cap companies Fair […]

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