Ackman Writes About Mistakes In Q2 Letter

In his most recent letter to investors Bill Ackman, founder of Pershing Square Management, put his bet on a J.C. Penney Company, Inc. (NYSE:JCP) revival firmly in the "mistake" column. The hedge fund manager owns more than 17% of the struggling retailer, and the company's price has continued to fall since he bought in.

According to the manager's letter, J.C. Penney Company, Inc. (NYSE:JCP) shares are more than 40% less valuable than the average cost of Pershing's buys. Under a section in the letter called "Mistakes," Ackman lists the bet on the retailer. The manager is...