market folly

Bill Ackman's Pershing Square has announced with Canadian Pacific (CP) that the hedge fund will be selling the rest of its remaining CP stake with a public offering of just over 9.84 million shares.

Apparently Ackman will be using the proceeds to deploy into one or more new positions.  He will also stay on CP's board until the next annual meeting.

You can view other recent portfolio activity from Pershing Square here.

Per Google Finance, Canadian Pacific "together with its subsidiaries, operates a transcontinental railway in Canada and the United States. The Company operates in rail transportation segment. The Company's business mix includes bulk commodities, merchandise freight and intermodal traffic over a network of approximately 12,500 miles, serving the principal business centers of Canada from Montreal, Quebec, to Vancouver, British Columbia, and the United States Northeast and Midwest regions. The Company transports bulk commodities, merchandise freight and intermodal traffic. Bulk commodities include Canadian grain, U.S. grain, coal, potash, and fertilizers and sulfur. Merchandise freight consists of finished vehicles and automotive parts, as well as forest and industrial and consumer products. Intermodal traffic consists of retail goods in overseas containers that can be transported by train, ship and truck and in domestic containers and trailers that can be moved by train and truck.."