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  • Pershing Square Q1 Letter

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    marketfolly.com
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    Bill Ackman's Pershing Square Investor Letter Q1 2009

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    Bill Ackman's Pershing Square Investor Letter Q1 2009

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PDF herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    3K Ansichten9 Seiten

    Pershing Square Q1 Letter

    Hochgeladen von

    marketfolly.com
    Bill Ackman's Pershing Square Investor Letter Q1 2009

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PDF herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 9
    4, Pg PERSHING SQUARE CAPITAL MANAGEMENT. LF wr on June 8, 2009 Dear Pershing Square Investor: The Pershing Square funds’ outperformed the major market indexes forthe first quarter of 2009 and for the year to date as set forth below:! For the Qua or eee ee ee eed Pershing Square LP. uote 03/3108 ‘Gross Return | 35% 3% 2544 Net of Al Fees 32% 32% 879% Pershing Square U,LP. 10105 09/91/08 Gross Return 20% 162.2% Net of AllFees 2% 003% Pershing Square international, Ltd. ‘Gross Return am 44% Net of allFees san 38% Indexes (including dividend reinvestment) 'S8P 600 Index 14.0% 11.0% NASDAQ Composite Index “28% 28% Russel 1000 Index 40.8% 04% Dow Jones industrial Average 24% o28% Portfolio Update ‘The first five months of this year were among the most productive periods of Pershing Square as measured by accomplishment rather than hours worked. Over the last few months, there was almost always something material going on at Pershing Square about which we would have liked to have written, but often could not because of confidentiality or strategic reasons. Unfortunately, we have to assume that each of our communications becomes available publicly so we can only share in writing what we are willing to share with the public at large. Since time was a particularly scarce resource over the last few months and because I do not delegate the writing of our quarterly letters, I deferred writing to you until we had some closure with respect to ignificant investments that we were either buying or selling, or with respect to material " pst pefoonance net cesar ndtv offre rests: Please sr the sbloral dices and nots 1 perfomance resis atthe of i ete

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