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Funds Keep Buying — and Selling — Private Prison Stocks

Pershing led the way, then cashed out. Now a diverse group of hedge funds are actively playing the issues swirling around prison companies.

The private prison industry continues to attract hedge fund interest years after William Ackman of New York–based Pershing Square Capital Management cashed out of a big position in one of the major companies. Boston-headquartered Adage Capital Partners opened a position in the fourth quarter of 2014 in Corrections Corp. of

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