Bill Ackman Finishes 2019 With a Bang

Pershing Square triumphs, making back four years of losses — and earning incentive fees.

Michelle Celarier January 3, 2020

Bill Ackman

(Christopher Goodney/Bloomberg)

A little more than three years ago, a Vanity Fair headline asked the question: “Is Bill Ackman Toast?” At the time, Ackman’s Pershing Square Capital hedge fund firm was sinking under its disastrous bet on Canadian pharmaceuticals rollup Valeant Pharmaceuticals International, its investors

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