Hedge fund titan Bill Ackman, the founder of Pershing Square Capital Management, just sent out his Q1 letter to investors dated June 12, 2012. In the letter, the activist investor said they have added new investments, one of which is a short position.
From the letter:
We have begun to build a large stake in a business that meets our high standards for business quality at a low valuation. We have also added an equity short position to the portfolio. We look forward to sharing our thinking about each of these investments when appropriate.
Jacob Wolinsky at ValueWalk points out that it’s rare for Ackman to have a short position because he is mostly a long-only investor.
It’s unclear what he is shorting, but if anyone knows please send an email to [email protected]