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Ackman Grabs Falling-Knife Sears, Target at Short-Interest High
Submitted by admin on Fri, 08/15/2008 - 11:08
Hedge fund manager William Ackman is counting on comebacks for Sears Holdings Corp. and Target Corp., even as earnings declined, in a bet against fellow investors who have sent short interest sales to record highs.
The 42-year-old founder of New York-based Pershing Square Capital Management LP has won these kinds of retail bets in the past, most recently in a gain of as much as $202 million on his against-the-market investment in Longs Drug Stores Corp.
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