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Big Dispersion of Returns Among Activist Investors

Some firms, like Pershing Square and Corvex, are posting stellar years. But are their gains lifting up the indexes and masking more tepid results among their peers?

       William Ackman, Pershing Square (Bloomberg)This certainly seems to be a golden age for hedge fund activism. The number of shareholder activist campaigns initiated in the first half of the year was the highest in several years, while proxy fights involving hedge fund managers exceed 60 percent of the total number of

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