Thanks to Jay at MarketFolly for posting this.
Pershing Square Q2 Letter
- I actually saw Bill Ackman speak last year and was thoroughly impressed with the work he did with FSA - a bond insurer. Interestingly, we were already short FSA at the time. Strong analysis and presentation.
- I analyzed EMCsometime in June, and unfortunately, missed the opportunity. Error of not pulling the trigger.
- McDonald's is probably quite cheap here. 13x earnings for that sort of business makes no sense to me - especially when the general market is trading around 20+x forward earnings. They have not participated in the rally as the opposite of the Walmart effect has been occuring in the stock market.
GGP Presentation 5.27.2009