Valeant Bet Was a ‘Huge Mistake,’ Hedge Fund Chief Ackman Says
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The billionaire hedge fund manager William A. Ackman says his investment in Valeant Pharmaceuticals International has “damaged the record of success of our firm.” CreditBrendan McDermid/Reuters
It is rare that William A. Ackman, the brash activist investor, apologizes for anything. As a successful hedge fund manager, Mr. Ackman has made billions of dollars for himself and his investors with bold and counterintuitive bets.
But this week he conceded that his firm’s biggest wager yet — on Valeant Pharmaceuticals International — was “a huge mistake” that has cost his hedge fund firm, Pershing Square Capital Management, “a tremendous amount.”
“I deeply and profoundly apologize,” Mr. Ackman added in an annual letter to investors…
Valeant Bet Was a ‘Huge Mistake,’ Hedge Fund Chief Ackman Says
