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Pershing Square's Conference Call On Its 168-Slide Deck On ADP

Yesterday Pershing Square Capital Management held a lengthy conference call on its 168-slide deck on Automatic Data Processing (ADP) – the first time it has explained its investment thesis in any detail not only to the public, but to the company itself. As it did so, shares dropped almost 5%; at one point CEO Bill Ackman warned his young analysts of “scaring the shit out of the shareholders.”

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