Has Bill Ackman lost his touch Pershing investors say yes

요약 보기

빌 애크먼의 퍼싱스퀘어 헤지펀드가 최근 실적 부진으로 투자자 이탈에 직면했다는 보도 요약. 최근 투자자 이탈: 월스트리트저널 보도에 따르면 다수 기관(블랙스톤 포함)이 환매를 요청했고, JP모건은 고객에게 퍼싱스퀘어를 더 이상 추천하지 않기로 했다. 애크먼은 직원 축소와 신규 투자자 유치 활동 중단 등 방어적 태도로 대응하는 것으로 전해졌다. 과거 성과: 2008~2010년 연평균 16%의 수익을 냈고, 제너럴그로스프로퍼티와 웬디스 투자는 성공 사례로 언급됐다. 최근 실패: 헤르발라이프 공매도는 칼 아이컨에게 밀려 결국 포기했고, 밸런트 파마슈티컬스 투자는 약 40억 달러 손실을 내며 2015~2016년 큰 손실의 원인이 됐다. 교훈: 아무리 영향력 있는 투자자도 큰 실수를 할 수 있으며, 리스크 관리가 필수라는 점을 강조한다. 종목 언급: 퍼싱스퀘어 홀딩스(PSH)는 상장 보유 자산으로 언급되었으나 방향에 대한 예측은 없다. 출연자 전망: 애크먼이 다시 반등할 가능성을 배제할 수 없다고 봤으나 이는 중립적 언급이다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. as Bill Ackman lost his touch pursing investors say yes Bill Ackman is one of the most influential investors on Wall Street and the billionaire's Pershing Square Capital Management hedge fund has been at the forefront of some huge activist investing battles over the years yet despite Ackman's long term reputation within the investment community and his past track record that includes several major successes investors typically focus on what money managers have done for them lately Ackman's high profile must EPS more recently have put a dent in Pershing's returns and investors in the hedge fund are apparently losing confidence in the billionaire investors ability to bounce back from adversity a substantial number of investors including some extremely large investment companies have asked to take withdrawals of their money at Pershing Square according to reports from The Wall Street Journal among them is reportedly private equity giant Blackstone Group which has been with Pershing Square for a long time and the reports indicate that JPMorgan Chase has started to advise its clients that it won't recommend Pershing Square as an investment option any longer in response Ackman is reportedly retrenching cutting back on Pershing Square staff and choosing not to take active steps to court new investors to the hedge fund as The Wall Street Journal report notes that will leave a substantial portion of assets in the publicly traded Pershing Square holdings Nasdaq o th PS hzf along with a limited amount of assets representing Ackman's own personal holdings and those of continuing partners many investors won't remember the big successes that Ahmed scored for Pershing Square investors in the past from 2008 to 2010 the hedge fund earned an average of 16 percent per year a particularly impressive showing for a period that included the 37 percent crash in the S&P 500 during the Great Recession year of 2008 particularly noteworthy was the billionaire's investment in ailing real estate investment trusts and mall owner General Growth Properties which was able to emerge from bankruptcy intact and has since enjoy sustained strong performance Pershing was also an early investor in the turnaround of Wendy's which involved spinning off its Tim Hortons unit in Canada and produced substantial profits unfortunately for Pershing Square investors Ackman has found himself on the losing side of several major activist battles over the past several years for five years Ackman had bet against Herbalife engaging in vociferous arguments against fellow activist investor Carl Icahn Icahn proved to be correct in his bullish view on the nutritional supplement specialist and Ackman finally gave up on his short bet earlier this year Ackman has also made missteps on the bullish side of the spectrum his calls supporting valent pharmaceuticals international led to massive investments from Pershing Square inches the controversial pharmaceutical stock even as other investors jumped ship Pershing Square remained invested until 2017 burying about four billion dollars in losses the valent position was largely responsible for double-digit percentage losses for the hedge fund in both 2015 and 2016 as investors missed out on the huge run-up in the overall stock market during that period many typical investors see hedge funds as the cream of the crop of Wall Street investment companies offering chances to get in on deals that ordinary investors can't it's true that large institutional investors have opportunities that you're unlikely to get on your own but that doesn't mean that success is guaranteed as Ackman has found being able to take outsized positions involves taking on added risk as well and sometimes that risk outweighs the potential rewards that turn out not to be in the cards it's too early to count Ackman out despite the Wall Street Journal report and it's entirely possible that the billionaire investor will bounce back in time even if most Pershing Square investors don't give him another chance to manage their money yet the lesson that every investor can learn from this episode is that even the most influential and successful investors can make massive mistakes and when losses get too big they can put your entire financial survival in danger smart risk management is essential to avoid letting small mistakes turn into massive disasters dan Cape Ling ER has no position in any of the stocks mentioned The Motley Fool own shares event recommends valent Pharmaceuticals the Motley Fool is a disclosure policy the Motley Fool is a USA Today content partner offering financial news analysis and commentary designed to help people take control of their financial lives its content is produced independently of USA Today offer from The Motley Fool offer from the motley fool the ten best stocks to buy now Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market in fact the newsletter they run Motley Fool's stock advisor has tripled the S&P 500 Tom and David just revealed their ten top stock picks for investors to buy right now click here to get access to the full list stock advisor returns as of April 2nd 2018