Billionaire Bill Ackman’s Letter to Investors: Comments on New Stake in Chipotle, Restaurant Brands International, Mondelez & More

Pershing Square Capital Management is a New York-based activist hedge fund run by billionaire activist Bill Ackman. He founded the firm in 2004 and has routinely beaten the S&P 500 index by a big margin. Pershing Square Capital has been known to take large equity stakes in companies and then improve their operations by working with the management. According to the fund’s third-quarter letter to shareholders, it performed more or less in line with the broader market showing a net return...