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A Media Timeline of Controversial Investor Bill Ackman

  +Follow August 23, 2013 8:36AM
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If you want to get a conversation going, you might as well do it with a letter titled simply “Mistakes.” That’s what activist investor Bill Ackman did when he admitted that his controversial, high-profile bets for JC Penney (JCP) and against Herbalife Ltd. (HLF) had both misfired, spectacularly.

In the letter, the once high-flying Ackman referred to his failed attempt to turnaround JC Penney by installing a handpicked CEO with no department store experience and making radical, hands-on changes to store policy a “failure.” Ackman resigned from JC Penney's board on Aug. 13, ending his troubled tenure at the retailer in a public, embarassing fashion.

Just prior to writing the letter concerning JC Penney, Ackman defended his other major 2013 blunder, the $300 million (and counting) loss his hedge fund Pershing Square Capital has incurred shorting Herbalife, which he has called a “pyramid scheme” for its multi-tiered marketing system. Ackman claimed he’s making progress on getting federal regulators to take a closer look at the company. But like with JC Penney, it seems now like he's just trying to save face.

The fact is, the investor, once the crown prince of activist investing, has tanked spectacularly, and--especially in the eyes of the media--might be down for good. It hasn't always been this way. When he famousy predicted (and successfulyl shorted) the 2007 financial crash, he was lauded as a visionary and more. But now, with the latetst string of bad bets, it's like Ackman wasn't ever on top to begin with.

Ackman’s own admissions, with letters entitled "Mistakes" stand in stark contrast to his confident, no-hold-barred past as an activist who saw what others didn't. Now, his seesaw contrition and bravado belies uncertainty, and mirrors the investment community’s own waning perception of the divisive investor.

When Ackman is up, he’s up. And when he’s down, people can’t wait to dogpile.  Below is an assembled brief timeline of public perception of Ackman via press snippets:

The Golden Boy Who Predicted the Financial Collapse

New York Times, Dec. 2007

"(Ackman) may be aggressive, he may be over the top, he may not be able to speak in short sentences…  but he's doing the hard work, and thinking the hard thoughts, that (Wall Street regulators) refused to do for far too long.”

A Distinguished Visionary

(Upstart Business Journals Profile, April 22 2009)

Ackman… has had the seminal financial career of the past two decades, which is to say that he’s had the seminal American career of the era…

Ackman up close might be the most winning salesman on Wall Street.

Like Elvis, With a Smarter Portfolio

(Reuters, Oct. 14 2010 Special report: What if Elvis Ran a Hedge Fund?)

In person, Ackman cuts a striking figure, standing at 6' 3" tall with a shock of grey hair. But it is the stature of his fund's performance which is what most draws investors to him.

The Backlash Begins, Albeit With Sarcasm

NY Mag, Oct. 14 2010

Headline: “Bill Ackman Can’t Help That He’s Awesome and People Want to Get Close to Him”

Okay, Ackman Might Be the Same… But He’s Smooth!

Bloomberg Businessweek, Feb. 10, 2011

(Billionaire investor Carl Icahn) still has the whiff of a fast-buck artist... Ackman's approach is often the same, (but) he… wrap(s) his tactics in a smooth, well-learned politesse.

Not to Mention, the Guy is a Matchmaker

Reuters, July 18 2012

Helping his single friends and acquaintances find a life partner is, however, close to the multi-millionaire’s heart and he’s doing his part to help. And every so often, Ackman and his wife whirl through their Rolodexes and invite their unattached friends to come on over to their place and spend a few hours meeting other singles.

We Still Believe, Bill Ackman

The Guardian, Jan 25 2013

At Ackman's famous investing presentations, in which he invites other money managers to learn why he has turned against a certain company, the investors look at him, wide-eyed and admiring, as if he were a financial messiah.

Maybe it’s Not All Roses

Vanity Fair, April 2013 (quoting Chapman Capital’s Robert Chapman)

(Ackman) seems to look at other members of society, even legends such as Carl Icahn, as some kind of sub-species. The disgusted, annoyed look on his face when confronted by the masses beneath him is like one you’d expect to see [from someone] confronted by a homeless person who hadn’t showered in weeks.

Lest We Forget Though, He’s Still a Hero for Taking on Herbalife…

New York Times Op-Ed, April 2, 2013

Ackman has been heroic in taking on this litigious, well-financed industry (Herbalife.) Not since Jim Chanos went after Enron has a hedge fund manager been willing to question whether a company was actually a criminal enterprise. That takes guts.

While Ackman Ignores His Failures, We Ignore Him…

Forbes, May 8, 2013

As Bill Ackman took the stage on Wednesday at the Ira Sohn Conference in New York, the audience erupted in applause expecting to hear one of the day’s best ideas.  Instead, they spent their time checking emails…

Because Really, The Herbalife Bet is Failing. Hard.

The Street, Aug 10 2013

Sometimes the smartest guy in the room outsmarts himself.

And Now the Schadenfreude

Bloomberg MSG, Aug 10, 2013

Never interfere with an enemy when he is in the process of destroying himself.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for jcp
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$GRCU Change http://t.co/owcjLLSmGB Also See: $MBLY $PLKD $DDM $JCP ~
Dathan Pyle
1 Sep 14 05:16:25
J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival. http://t.co/Vst83byChr
Barbara Negrescu
1 Sep 14 04:58:54
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/iSy8yyNWM3
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1 Sep 14 04:28:25
$JCP: JC Penney Results Show Industry-Wide Weakness http://t.co/0dqvD9pECk http://t.co/LavTdl8Miw
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$FSPHX News http://t.co/TrirxnZKEO Also See: $EWG $JCP $GOOG $FCX ~
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1 Sep 14 03:38:35
RT @greratii: :growth #retail ?- J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.…
Scott Stinson
1 Sep 14 03:27:05
RT @greratii: :growth #retail ?- J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.…
George Rerat
1 Sep 14 03:21:02
:growth #retail ?- J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/R1Nwv2GAj6
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1 Sep 14 03:17:47
$EXPE Ex-Div Date http://t.co/AQVsXeBtuw Also See: $JCP $NOV $M $IYT ~
TheStreet
1 Sep 14 02:13:09
J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/iSy8yyNWM3
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1 Sep 14 01:28:25
$JCP: [video] If you bought the dip ... http://t.co/tqlEbGY1Op http://t.co/GBWA3HtNF1
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$DISH Stock Message Board http://t.co/36nCLPXMp8 Also See: $AU $ERBB $AKAM $JCP ~
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1 Sep 14 00:31:03
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1 Sep 14 00:01:05
Watchlist: $ITMN $AVGO $IVZ $JPM $IG $JCP $TRP $SCHW $ICPT $BMO $ACHN $BPZ $ENZ $ESS $ARUN http://t.co/Vtx6dLy0Nw #analyst #stockpicks #mkt
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31 Aug 14 23:19:36
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31 Aug 14 22:05:12
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31 Aug 14 21:28:32
$JCP: JC Penney (JCP) Showing a Turnaround: Are You Considering? http://t.co/OLqKk2HpQu http://t.co/Iz3tDn8cmO
Dan
31 Aug 14 20:48:57
$JCP high open interest range is 10.50 to 11.00 for option expiration 09/05/2014. http://t.co/t9Iw6Nfw7J
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31 Aug 14 20:30:08
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31 Aug 14 19:28:03
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$JCP: Burger King soars, Amazon buys Twitch, Apple eyes another record close http://t.co/lAgEfgrtyW http://t.co/3mZjoBHcGB
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31 Aug 14 18:08:33
$JCP was the winner easily. turnaround right before our eyes?? should be fun on tuesday. $M $KSS $JCP
benson
31 Aug 14 18:07:32
$KSS had two (2) freakin dressing rooms in mens while $JCP had 5 and another 4 a short walk away. $M associate was very rude....
benson
31 Aug 14 18:05:32
was at $M $KSS $JCP today, $JCP most customers by far. $M and $KSS were messy beyond belief. $JCP pretty clean w/ helpful associates,...
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31 Aug 14 16:14:33
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31 Aug 14 13:28:30
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31 Aug 14 13:07:57
“@tomhalpin747: @JustinPulitzer looking forward to your video. What do you think of $JCP”<~Ok, BTDs as long as trend holds. I'll post chart.
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31 Aug 14 12:28:23
$JCP: J.C. Penney: A Model For Valuing Store Closures (JCP) http://t.co/4rrBFfrGm3 http://t.co/sHOADLqrhK
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31 Aug 14 11:35:57
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tom halpin
31 Aug 14 11:18:57
@JustinPulitzer looking forward to your video. What do you think of $JCP
John Taylor
31 Aug 14 10:09:44
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
Mike Lient
31 Aug 14 09:10:01
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
Nicholas Casciotti
31 Aug 14 08:20:27
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
Lindsey Cabot
31 Aug 14 08:06:20
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
Jennifer Cabot
31 Aug 14 08:06:18
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
DR JAMES CABOT
31 Aug 14 07:49:55
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
Marty Glovin
31 Aug 14 07:48:17
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
TheStreet
31 Aug 14 07:48:06
J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/RmKoHbK3h5
Scott Elliott
31 Aug 14 04:49:05
$AKS $STLD $NUE $CDZI $JCP Long, liking $TSEM $LEAF $VDSI $RIC for longs on monday
I. Dolly Lenz
30 Aug 14 21:55:16
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Akdmks
30 Aug 14 16:19:40
RT @BrianSozzi: Photos: Why J.C. Penney's New Brooklyn Store Is Only Part of the Revival $JCP $$ http://t.co/r6wNEiDQgf
James Burkhardt
30 Aug 14 13:30:56
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/mpsKJ1wDeI
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30 Aug 14 13:28:26
$JCP: Why BTIG Downgraded JC Penney http://t.co/Gf5T0He80g http://t.co/KCVsoudacf
Francisco Avila
30 Aug 14 13:24:16
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/mpsKJ1wDeI
Vishwa Shroff
30 Aug 14 13:24:00
RT @TheStreet: J.C. Penney opened its first Brooklyn store on Friday, and that's only part of the $JCP revival: http://t.co/mpsKJ1wDeI
				
				
  +Follow August 23, 2013 8:36AM
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