
Activist investor who also founded the Pershing Square Foundation and the SPAC Pershing Square Tontine Holdings; Bloomberg estimated his net worth at $8 billion in April 2026.
Pershing Square Capital ManagementGotham Partners
Wrote no book; his primary sources are Pershing Square Holdings' annual reports and the research presentations behind his activist campaigns, which are unusually complete for a hedge fund manager.
33 letters · 14 books they recommend · 25 appearances
Lynch's stock-by-stock walkthrough of how he picked them.
Also recommended by: Julian Robertson, Mohnish Pabrai and 2 others
Bill Ackman's six-year campaign against bond insurer MBIA, from 2002 to 2008.
Source: Books Ackman has named in interviews and talks
Also recommended by: Andrew Wilkinson
A six-year short of Allied Capital, and the SEC that investigated the short seller.
Source: Books Ackman has named in interviews and talks
Also recommended by: Patrick O'Shaughnessy
Avoid permanent loss: buy well below value and aim for absolute returns.
Source: Books Ackman has named in interviews and talks
Also recommended by: Arnold Van Den Berg, Frank Martin, Guy Spier and 5 others
The amateur's edge argument from the Magellan record.
Also recommended by: David Rolfe, Francisco Garcia Parames and 8 others
How to read financial statements sceptically and value bonds and stocks.
Also recommended by: Christopher Bloomstran, Howard Marks and 10 others
Berkshire's shareholder letters arranged by topic: governance, valuation, mergers.
Also recommended by: Christopher Bloomstran, Francois Rochon and 10 others
Treat stocks as parts of businesses and buy only with a margin of safety.
Also recommended by: Benjamin Graham, Christopher Bloomstran and 26 others
Buffett's method as tests of the business, its managers, its finances and price.
Source: Books Ackman has named in interviews and talks
Also recommended by: Mohnish Pabrai, Howard Marks and 1 other
Where to find mispriced stocks: spinoffs, mergers, bankruptcies and restructurings.
Source: Books Ackman has named in interviews and talks
Also recommended by: Dan Loeb, Guy Spier, Mohnish Pabrai and 5 others
How to test whether reported earnings reflect reality, from tax books to receivables.
Also recommended by: Rational Capital Investment Fund
Eight CEOs who beat the market by allocating capital, not by running operations.
Also recommended by: Andrew Wilkinson, Dan Loeb, Francois Rochon and 11 others
Also recommended by: Andrew Wilkinson, The Barefoot Investor
| Letter to Shareholders in the 2026 Semiannual Financial Statements | Pershing Square Holdings' 2026 interim report says a market dislocation let the manager buy six new investments at prices it judged well below intrinsic value. | 2026 | Howard Hughes Holdings, Netflix, Visa, Mastercard, Meta Platforms, Amazon, S&P Global, Uber, Microsoft, Intercontinental Exchange, Universal Music Group, Fannie Mae, Freddie Mac, Restaurant Brands International | |
| 2026 Annual Investor Presentation | Pershing Square's 2026 investor presentation reviews the portfolio holding by holding, including Uber, Brookfield, Amazon, Universal Music, Fannie Mae and Freddie Mac. | 2026 | Uber, Universal Music Group, Fannie Mae, Freddie Mac, Amazon, Meta Platforms, Hilton Worldwide, Alphabet, London Stock Exchange Group, Howard Hughes Holdings, Chipotle Mexican Grill, KKR | |
| Letter to Shareholders in the 2025 Annual Report | Pershing Square Holdings' NAV rose 20.9% in 2025 and its shares returned 33.9% as the discount narrowed, against 17.9% for the S&P 500. | 2025 | Uber, Meta Platforms, Universal Music Group, Amazon, Alphabet, Howard Hughes Holdings, Hilton Worldwide, Brookfield Corporation, Restaurant Brands International | |
| Letter to Shareholders in the 2025 Semiannual Financial Statements | Pershing Square reports that Day One investors have compounded at 16.4% a year for nearly 22 years, a 27-times multiple, against 10.5% for the S&P 500. | 2025 | Uber, Universal Music Group, Amazon, Hilton Worldwide, Alphabet, Chipotle Mexican Grill, Howard Hughes Holdings, Nike, Canadian Pacific | |
| Letter to the Board of Howard Hughes Holdings proposing a transaction | Pershing Square proposes a transaction to the board of Howard Hughes Holdings, citing years of weak share price since it helped capitalise the company at $47.62 a share in 2010. | 2025 | Howard Hughes Holdings | |
| Fannie Mae and Freddie Mac: The Art of the Deal (presentation) | Pershing Square's January 2025 presentation, The Art of the Deal, sets out its case for Fannie Mae and Freddie Mac and how they could leave government control. | 2025 | Fannie Mae, Freddie Mac | |
| Letter to Shareholders in the 2024 Annual Report | Pershing Square Holdings' NAV rose 10.2% in 2024 but its shares returned 8.3%, as postponing the Pershing Square USA IPO widened the discount. | 2024 | Uber, Universal Music Group, Hilton Worldwide, Alphabet, Chipotle Mexican Grill, Howard Hughes Holdings, Brookfield Corporation, Nike, Restaurant Brands International, Canadian Pacific | |
| Letter to Shareholders in the 2024 Semiannual Financial Statements | 2024 | |||
| Letter to Shareholders in the 2023 Annual Report | Pershing Square's 16.5% compound annual NAV return since 2004 has multiplied Day One investors' money 22 times, against seven times for the S&P 500. | 2023 | Universal Music Group, Alphabet, Lowe's, Hilton Worldwide, Chipotle Mexican Grill, Canadian Pacific, Howard Hughes Holdings, Restaurant Brands International | |
| 2023 Annual Investor Presentation | Pershing Square's 2023 investor presentation reviews its portfolio holdings, including those that beat and fell short of its expectations. | 2023 | Universal Music Group, Fannie Mae, Freddie Mac, Lowe's, Chipotle Mexican Grill, Hilton Worldwide, Domino's Pizza, Netflix | |
| Letter to Shareholders in the 2022 Annual Report | Pershing Square says Day One investors earned 13.5% a year on PSH's share price, below NAV returns because of a 34% discount it wants to close. | 2022 | Universal Music Group, Hilton Worldwide, Lowe's, Chipotle Mexican Grill, Howard Hughes Holdings, Restaurant Brands International, Netflix, London Stock Exchange Group, Canadian Pacific | |
| Letter to Shareholders in the 2022 Semiannual Financial Statements | Pershing Square Holdings' NAV fell 26.0% in the first half of 2022 in volatile markets, recovering to -10.8% by mid-August against -8.8% for the S&P 500. | 2022 | Universal Music Group, Hilton Worldwide, Lowe's, Chipotle Mexican Grill, Netflix, Meta Platforms, Domino's Pizza, Fannie Mae, Freddie Mac, Howard Hughes Holdings | |
| Letter to Shareholders in the 2021 Annual Report | Pershing Square Holdings' NAV rose 26.9% in 2021 but its shares returned 18.6% as the discount widened; Day One investors compounded at 17.1% a year. | 2021 | Universal Music Group, Netflix, Lowe's, Hilton Worldwide, Chipotle Mexican Grill, Howard Hughes Holdings, Canadian Pacific, Domino's Pizza, Restaurant Brands International | |
| 2021 Annual Investor Presentation | 2021 | |||
| Letter to Shareholders in the 2020 Annual Report | 2020 | |||
| Letter to Shareholders, 2020 Annual Report (letter extract) | Pershing Square calls 2020 its best year in 17: NAV up 70.2% and shareholder return 84.8%, beating the S&P 500 by over 5,000 basis points. | 2020 | Lowe's, Hilton Worldwide, Chipotle Mexican Grill, Howard Hughes Holdings, Restaurant Brands International, London Stock Exchange Group | |
| Letter to Shareholders in the 2019 Annual Report | 2019 | |||
| Pershing Square Holdings Q1 2019 Letter to Shareholders | Pershing Square Holdings' NAV per share rose 36.9% in Q1 2019 and 38.4% year to date, against 13.9% for the S&P 500. | 1 2019 | Hilton Worldwide, Chipotle Mexican Grill, Lowe's, Fannie Mae, Freddie Mac, Automatic Data Processing, Howard Hughes Holdings, Restaurant Brands International, Platform Specialty Products | |
| Letter to Shareholders, 2018 Annual Report (letter extract) | Pershing Square calls 2018 excellent for its companies' operations; NAV per share fell 0.7%, beating the S&P 500 by 370 basis points. | 2018 | Hilton Worldwide, Lowe's, Chipotle Mexican Grill, Fannie Mae, Freddie Mac, Howard Hughes Holdings, Restaurant Brands International, Automatic Data Processing | |
| Letter to Shareholders in the 2018 Semiannual Financial Statements | Pershing Square Holdings' NAV rose 6.7% in the first half of 2018, from $17.41 to $18.58, on strong results at its portfolio companies. | 2018 | Lowe's, Chipotle Mexican Grill, Otis Worldwide, Mondelez International, Automatic Data Processing, Fannie Mae, Freddie Mac, Howard Hughes Holdings, Restaurant Brands International, Platform Specialty Products | |
| Letter to Shareholders, 2017 Annual Report (letter extract) | Bill Ackman reviews Pershing Square's 20.5% annual return from 2004 to mid-2015 and the three years of underperformance that followed. | 2017 | Herbalife, Fannie Mae, Freddie Mac, Nike, Chipotle Mexican Grill, Valeant Pharmaceuticals, Hilton Worldwide | |
| Letter to Shareholders in the 2017 Semiannual Financial Statements | Pershing Square Holdings' 2017 interim report covers the chairman's statement and investment manager's report for the first half. | 2017 | Hilton Worldwide, Chipotle Mexican Grill, Herbalife, Mondelez International, Howard Hughes Holdings, Valeant Pharmaceuticals, London Stock Exchange Group, Restaurant Brands International, Nomad Foods, Platform Specialty Products, Automatic Data Processing, Fannie Mae, Freddie Mac, Air Products and Chemicals | |
| Letter to Shareholders in the 2016 Annual Report | 2016 | |||
| Letter to Shareholders, 2016 Annual Report (letter extract) | Bill Ackman calls 2016 a year of progress despite losses: NAV rose 16.3% from its March low despite a 390 basis point drag from Valeant. | 2016 | Herbalife, Chipotle Mexican Grill, Valeant Pharmaceuticals, Mondelez International, Air Products and Chemicals, Zoetis, Howard Hughes Holdings, Restaurant Brands International | |
| Letter to Shareholders in the 2016 Semiannual Financial Statements | Pershing Square calls the twelve months to mid-2016 its worst period since 2004, though performance had recently improved. | 2016 | Herbalife, Valeant Pharmaceuticals, Mondelez International, Zoetis, Restaurant Brands International, Canadian Pacific, Air Products and Chemicals | |
| Pershing Square Holdings Q1 2016 Investor Letter | Pershing Square's Q1 2016 letter attributes performance by holding, with Air Products among the contributors. | 1 2016 | Valeant Pharmaceuticals, Mondelez International, Herbalife, Restaurant Brands International, Zoetis, Fannie Mae, Freddie Mac, Howard Hughes Holdings, Air Products and Chemicals, Platform Specialty Products, Nomad Foods | |
| 2016 European Investor Meeting presentation (Herbalife) | Pershing Square's April 2016 European investor meeting presentation sets out its case against Herbalife. | 2016 | Herbalife, Valeant Pharmaceuticals, Mondelez International, Zoetis, Air Products and Chemicals, Restaurant Brands International, Pearson, Fannie Mae, Freddie Mac, Howard Hughes Holdings, Platform Specialty Products | |
| Letter to Shareholders in the 2015 Annual Report | Bill Ackman returns to the 2015 annual letter to discuss events at Valeant in the two months after it was sent. | 2015 | Valeant Pharmaceuticals, Zoetis, Herbalife, Mondelez International, Restaurant Brands International, Air Products and Chemicals, Canadian Pacific, Pearson, Howard Hughes Holdings, Platform Specialty Products | |
| Letter to Shareholders, 2015 Annual Report (letter extract) | Bill Ackman's 2015 annual report letter extract discusses events at Valeant after the January 2016 annual letter. | 2015 | Valeant Pharmaceuticals, Herbalife, Zoetis, Mondelez International, Pearson, Restaurant Brands International, Fannie Mae | |
| Letter to Shareholders in the 2015 Semiannual Financial Statements | Pershing Square Holdings outperformed the S&P 500 in the first half of 2015, year to date and since inception. | 2015 | Valeant Pharmaceuticals, Mondelez International, Zoetis, Air Products and Chemicals, Herbalife, Platform Specialty Products, Restaurant Brands International, Canadian Pacific, Howard Hughes Holdings, Nomad Foods, Fannie Mae | |
| Letter to Shareholders in the 2014 Annual Report | Bill Ackman's first annual letter to public PSH investors reviews Pershing Square's strategy as it developed over eleven years. | 2014 | Zoetis, Valeant Pharmaceuticals, Air Products and Chemicals, Restaurant Brands International, Platform Specialty Products, Canadian Pacific, Howard Hughes Holdings, Freddie Mac, Herbalife | |
| Letter to Shareholders, 2014 Annual Report (letter extract) | Bill Ackman's 2014 letter extract reviews Pershing Square's strategy over eleven years for new public PSH investors. | 2014 | Zoetis, Air Products and Chemicals, Restaurant Brands International, Valeant Pharmaceuticals, Platform Specialty Products, Freddie Mac, Canadian Pacific, Herbalife, Fannie Mae, Howard Hughes Holdings, General Growth Properties | |
| Pershing Square Holdings Q3 2014 Investor Letter | Pershing Square reports completing PSH's IPO on Euronext Amsterdam on October 1, 2014. | 3 2014 | Herbalife, Zoetis, Air Products and Chemicals, Fannie Mae, Freddie Mac, Canadian Pacific |
| After Big Bet, Hedge Fund Pulls the Levers of Power Paywall | The New York Times | 2014 |