Hedge fund billionaire Bill Ackman had a fruitful 2023 without doing much. With an investment gain of $610 million, or a return rate of 26.7 percent, the founder of the Pershing Square Capital Management was ranked No.7 on Bloomberg’s annual list of the highest-earning hedge fund founders published yesterday (Feb. 20), his highest position ever. By percentage measure, Ackman outperformed Millennium Management’s Israel Englander and Citadel’s Ken Griffin, the top two hedge fund managers on Bloomberg’s list.
Ackman’s investment portfolio consists of just eight stocks. Last year, with the exception of cutting back his bet on Lowe’s, Ackman barely touched his other equity holdings. In a podcast interview with Lex Fridman that aired yesterday, the investor revealed his process of researching companies and how he picks stocks to invest in.
At the end of 2023, Ackman’s top holding........