Bill Ackman must have an interesting interpretation of either obscurity or media. After he lost his proxy battle with Target, the founder of activist firm Pershing Square Capital Management wrote to investors on June 8 that, "We will do our best to fade into the sunset as far as the media is concerned until such time as an investment opportunity requires us to work more closely with the press. We hope that time is many moons from now." Many moons lasted until June 16, when Ackman appeared on a panel at the Columbia Graduate School of Journalism to discuss the future of business journalism. Among other points, Ackman suggested that news organizations ensure the existence of contrarian viewpoints.