Bill Ackman, who lost $4 billion on Valeant Pharmaceuticals, was too smart to buy Apple.
A front-page story in Monday’s New York Times chronicles the rise and fall of Willam Ackman, “one of Wall Street’s brashest and most self-assured hedge fund managers.” His hedge fund, Pershing Square Capital Management, bet heavily on Valeant Pharmaceuticals and lost billions when the stock cratered from $262 to $11.
Why didn’t he just buy Apple? He’ll tell you. Bloomberg grabbed this 22-second video at the 2016 Harbor Investment conference, of which Ackman was the co-chair.
Cue the video (and pardon the pre-roll):
Apple was trading for $95 a share the day Ackman made those remarks. It closed Friday just below $140.