Bill Ackman recently sent out his letter to investors from hedge fund Pershing Square Capital. In it, he reveals that he's switched out almost half of his Herbalife (HLF) short position from equity to put options. He made this move largely for risk management purposes.
He also talks about his new activist position in Air Products & Chemicals (APD) where they've already made progress by replacing the CEO.
Bill Ackman's Q3 letter is embedded below, courtesy of The New York Post:
If you missed it: Ackman also dumped his J.C. Penney stake as well.
Thursday, October 3, 2013
Bill Ackman & Pershing Square's Q3 Letter: Converts 40% of Herbalife Short to Put Options
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