Bill Ackman recommended a long position in JC Penney at the Ira Sohn Investment Conference today. WHAT? This is his best idea? This is a horrible investment idea at this time. Why would you pay $26.75 for a stock when you can buy it for $0.75 after it declares bankruptcy. Bill Ackman has a very bad track record when it comes to retail industry. His investors lost their shirt because of Ackman’s Target adventure. Now he is telling us to buy JC Penney (JCP)! Again! He told us that JC Penney should be close to $70 in a few years. That was 18 months ago and the stock price was 20% back then. Why would we trust him now?
