Hedge Fund Math: Heads We Win, Tails You Lose


Thanks to William A. Ackman’s early successes, his longtime investors have fared much better than the more recent ones. CreditDrew Angerer for The New York Times

When do 1.5 and 16 add up to 72?

That’s the riddle confronting investors in Pershing Square Holdings Ltd., the closed-end fund run by the prominent activist investor Bill Ackman.

In a letter to investors this month, Mr. Ackman disclosed that through the end of November, the fund had declined 13.5 percent this year after accounting for fees. (Pershing Square Holdings shouldn’t be confused with Pershing Square L.P., Mr. Ackman’s hedge fund, although the two vehicles have the same investment strategy.)…

Hedge Fund Math: Heads We Win, Tails You Lose

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