Never good to lose big.
Hedge-fund manager Bill Ackman’s high-profile bet against nutritional-supplement maker Herbalife is the top loser in the 10-year history of his firm, according to investor documents viewed by The Wall Street Journal.
MarketWatch reports that the wager has lost 49%, making it the top loser since Ackman founded Pershing Square Capital Management in 2004, according to the presentation from an annual investor dinner held earlier this month.
Ackman has publicly said that he believes Herbalife HLF is a pyramid scheme, which the company denies. Herbalife’s shares soared about 140% last year as several big-name investors piled into the stock, including Carl Icahn and George Soros.
Ackman announced his Herbalife position in December 2012, saying he had a billion-dollar bet that the stock would fall to zero. He later said he restructured the position to limit his potential losses.
Still, Pershing Square has made far more from its successful campaigns.
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