Bill Ackman’s Pershing Square Capital Management LP. is down 7.5% for the period of Apr-June, and up 3.3% year to date, the fund was up 11% in the last quarter that ended on March 2012. The quarterly letter to investors discusses the fund’s decision to let go of its stake in Citigroup Inc. (NYSE:C). Pershing has now added The Procter & Gamble Company (NYSE:PG) to its portfolio. Lets take a look at how Ackman justifies the liquidation and addition of Pershing’s investments in Citi and Procter & Gamble respectively: Citigroup The letter discusses how Ackman is wary of investing in large…
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