Hedge Fund Titan’s Surefire Bet Turns Into a $4 Billion Loss
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William A. Ackman in 2015. Last week, he and his investors in funds run by Pershing Square Capital Management swallowed a $4 billion loss on Valeant Pharmaceuticals International.CreditAxel Dupeux/Redux Pictures
A little over two years ago, William A. Ackman, one of Wall Street’s brashest and most self-assured hedge fund managers, was on top of the world. A billionaire before he hit 50, he was generating double-digit gains for his investors and raking in hundreds of millions in fees for his firm and himself.
Hailed as a master investor, he clinched his highflier status in the fall of 2014 by paying $90 million with some friends to buy the penthouse at One57, a 13,500-square-foot aerie in Midtown Manhattan overlooking Central Park. He didn’t plan to live there — it was an investment property — but until he sold it, the apartment would make a good party space, he told The New York Times…
Hedge Fund Titan’s Surefire Bet Turns Into a $4 Billion Loss
