Money and Finance
- Bloomberg Videos
David Tepper: Appaloosa's Tepper Says Stock Markets Not in Bubble ... Bill Ackman: Bill Ackman on Herbalife, Fannie, Air Products Related previous post: Oxford Distinguished Speaker Series: Bill Ackman ... Max Levchin: What Is a Disruptive Innovator?...
- Hedge Fund Mogul At Risk Of A Short Squeeze On Herbalife
Found via the Corner of Berkshire & Fairfax. Hedge fund titan Bill Ackman had an easy time vanquishing the sclerotic board of Canadian Pacific Railway last year. He’s now in an even more fascinating bare-knuckles fight, this time with Herbalife...
- Activist Investor Dan Loeb Takes 8% Stake In Herbalife
Third Point's Dan Loeb has taken an eight percent stake in nutritional supplements seller Herbalife, according to a regulatory filing. This disclosure pits Loeb, who successfully took on Yahoo, against Pershing Square's Bill Ackman who shorted...
- Pershing Square's Ackman Shorts Herbalife; Stock Skids
Ackman's presentation will also be streamed live at 9:30am today, HERE. (Reuters) - Activist investor William Ackman confirmed on Wednesday that he is betting against the stock of Herbalife Ltd (HLF.N) in a move that sent shares of the weight...
- Rob Magazine’s Ceo Of The Year: Bill Ackman
It is a grey, blustery New York morning, days before Hurricane Sandy will unleash its fury on the city, and Bill Ackman is tearing his way through a day that started just after dawn. He is running on just a few hours of sleep, his private jet having returned...
Money and Finance
After Big Bet, Hedge Fund Pulls the Levers of Power
Link to article: After Big Bet, Hedge Fund Pulls the Levers of Power
At a Midtown Manhattan steakhouse last June, William A. Ackman, the activist hedge fund manager who had bet a billion dollars on the collapse of the nutritional supplement company Herbalife, offered his latest evidence to a handful of other hedge fund managers about why the company’s stock could soon plummet.
Mr. Ackman told his dinner companions that Representative Linda T. Sánchez, Democrat of California, had sent a letter to the Federal Trade Commission the previous day calling for an investigation of the company.
The commission had not yet stamped the letter as received, nor had it been made public. But Mr. Ackman, who had personally lobbied Ms. Sánchez and stood to profit if the company’s stock dropped as a result of the call for an inquiry, already knew what it said, and read from a copy of it that he had on his cellphone.
When Ms. Sánchez’s office ultimately issued a news release a month later, it was backdated as though it had been made public the day before Mr. Ackman’s dinner talk.
The letter was a small hint of Mr. Ackman’s extraordinary attempt to leverage the corridors of power — in Washington, state capitols and city halls — for his hedge fund’s profit after taking a $1 billion financial position called a short, a bet that will pay off only if Herbalife’s stock drops.
Corporate money is forever finding new ways to influence government. But Mr. Ackman’s campaign to take this fight “to the end of the earth,” using every weapon in the arsenal that Washington offers in an attempt to bring ruin to one company, is a novel one, fusing the financial markets with the political system.
[H/T Sean]
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A 2006 Charlie Munger comment seems appropriate:
"I think I said on a previous occasion that some of these assaults remind me of Oscar Wilde’s definition of fox hunting: he said it’s the pursuit of the uneatable by the unspeakable. [Laughter] In other words, I think some of the hedge fund types are the unspeakable and even when they’re on the right side, the other people are uneatable. But still it’s not an elegant view."
..............
A 2006 Charlie Munger comment seems appropriate:
"I think I said on a previous occasion that some of these assaults remind me of Oscar Wilde’s definition of fox hunting: he said it’s the pursuit of the uneatable by the unspeakable. [Laughter] In other words, I think some of the hedge fund types are the unspeakable and even when they’re on the right side, the other people are uneatable. But still it’s not an elegant view."
- Bloomberg Videos
David Tepper: Appaloosa's Tepper Says Stock Markets Not in Bubble ... Bill Ackman: Bill Ackman on Herbalife, Fannie, Air Products Related previous post: Oxford Distinguished Speaker Series: Bill Ackman ... Max Levchin: What Is a Disruptive Innovator?...
- Hedge Fund Mogul At Risk Of A Short Squeeze On Herbalife
Found via the Corner of Berkshire & Fairfax. Hedge fund titan Bill Ackman had an easy time vanquishing the sclerotic board of Canadian Pacific Railway last year. He’s now in an even more fascinating bare-knuckles fight, this time with Herbalife...
- Activist Investor Dan Loeb Takes 8% Stake In Herbalife
Third Point's Dan Loeb has taken an eight percent stake in nutritional supplements seller Herbalife, according to a regulatory filing. This disclosure pits Loeb, who successfully took on Yahoo, against Pershing Square's Bill Ackman who shorted...
- Pershing Square's Ackman Shorts Herbalife; Stock Skids
Ackman's presentation will also be streamed live at 9:30am today, HERE. (Reuters) - Activist investor William Ackman confirmed on Wednesday that he is betting against the stock of Herbalife Ltd (HLF.N) in a move that sent shares of the weight...
- Rob Magazine’s Ceo Of The Year: Bill Ackman
It is a grey, blustery New York morning, days before Hurricane Sandy will unleash its fury on the city, and Bill Ackman is tearing his way through a day that started just after dawn. He is running on just a few hours of sleep, his private jet having returned...