Bill Ackman: Berkshire Stock to “Increase Substantially”
Has Pershing Square been summoned to bail out the Oracle of Omaha?
Bill Ackman said in a letter to shareholders that Berkshire Hathaway stock will bolster returns for the fund.
The letter comes shortly after Ackman revealed a sizeable stake in Warren Buffett’s iconic firm.
The timing of the $700 million purchase of Berkshire B stock had raised a few eyebrows around the hedge fund commentary world. After all, Berkshire just took a $4 billion hit in a week due after Kraft Heinz fell to a record low.
Bill Ackman up almost 50% in 2019
Pershing Square Holdings is up roughly 48% on the year due to timely buys in Starbucks and Chipotle. Now, Ackman’s fund is taking a passive stake in Berkshire.
Shareholders must hope that Berkshire can reverse the 10% decline the stock has seen this year. Before anyone starts biting their nails, note that Ackman is taking the long approach.
“We believe that Berkshire’s share price is likely to increase substantially over the coming years,” Ackman wrote.
Latest Alternative Investment News
Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…
An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…
VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…
Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…