Today, Bill Ackman is probably best known for his staggering $4 billion loss on Valeant, and his assault on Herbalife, which has, so far, yielded nothing but pain for Pershing Square and its investors.
These two costly mistakes have dented Pershing's capital, and more importantly, they've hit Ackman's reputation.
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Before 2015, when Valeant started to unravel, the founder of Pershing was considered to be one of the best hedge fund managers on Wall Street. Before the Valeant troubles, he had created billions in value for both Pershing's investors and other shareholders in...
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