Pershing Square’s Woes Are a Lot Bigger than Valeant and Herbalife

Bill Ackman’s firm lost 25.6 percent in the first quarter as nearly all its bets went bad — a little or a lot.

William Ackman, Pershing Square (Bloomberg)

When you think of William Ackman’s large losses in 2015 and so far this year, you immediately think of his badly timed bet on Valeant Pharmaceuticals International and his long-term, high-profile short of Herbalife.

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