BOSTON Aug 21 Hedge fund manager William Ackman
told investors that he has had three "failures" in his portfolio
over the years, all retailers, and that retail investing has not
been his "strong suit."
He included J.C. Penney, where he is sitting on
hundreds of millions in losses and left the company's board last
week, as one of the three failures. Borders Group and Target
are the others. Ackman made the comments in an
investment letter seen by Reuters.
He said he may choose to exit Penney "after more or less
time depending on developments at the Company, the stock price,
and the availability of other investment opportunities." He is
the company's biggest shareholder.
Apart from these "failures", Ackman said "our active
investments (have) done extremely well during our holding