Pershing navigates the storm


Bill Ackman’s activist positions, like Target, may be worrisome, but his short bet on MBIA is bailing him out for now. That’s allowing him to raise capital and make new investments at a time when others are proclaiming the death of activism.

Activists are facing hard times, but Bill Ackman has been through worse.
By Julie Dalla-Costa

The first thing Bill Ackman sees when he comes to work each morning is the shiny jet propeller that hangs on the entry wall of the midtown New York office of Pershing Square Capital Management, the hedge fund firm he founded in 2004. A symbol of Ackman's resolve to keep going in any kind of rough investment weather, it's the kind of motivation that comes in handy these days.

With the buyout, real estate, credit