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Ackman Vows to End Three Years of Underperformance

Billionaire investor Bill Ackman pledged to end three years of underperformance at Pershing Square Holdings Ltd., calling recent returns “particularly unsatisfactory” at a time when markets globally have been buoyant. Pershing Square Holdings’s management company has been restructuring into a smaller, investment-centric organization whose future asset growth will be driven by results, Ackman wrote in a letter to investors...

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