William Ackman

T3Investors Distressed debt, activism and special situations

Founder and CEO, Pershing Square Capital Management 2004-present; co-founder, Gotham Partners 1992-2003

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

Letters 33

pershingsquareholdings.com/materials/

The PSH materials page renders only the twenty most recent documents, but the complete 'Letters & Presentations' inventory runs to 62 items, from Ackman's November 2014 Q3 letter to the February 2026 letter in the 2025 Annual Report. It includes every annual-report letter 2014-2025, every semiannual/interim letter 2015-2026, the standalone quarterly and event letters (the March 2016 Valeant note, the 2017 Herbalife exhibit, the June 2018 ADP letter, the January 2022 and March 2020 Pershing Square Capital Management letters to investors, the April 2022 letter to shareholders), and the annual investor presentations 2015-2026. The PDFs themselves live on assets.pershingsquareholdings.com. Ackman's 13D exhibit letters (Herbalife, Canadian Pacific, Target, Valeant, JC Penney, Howard Hughes) sit on SEC EDGAR under Pershing Square Capital Management, CIK 0001336528, as EX-99 exhibits to SC 13D/A filings.

William Ackman

Letters 33

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