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William Ackman's J.C. Penney Bet Defies Easy Fix

CEO Ronald Johnson's ouster marks another failed retail bet for the founder of Pershing Square Capital Management.

Can we finally all agree that billionaire hedge fund managers know nothing about discount retailing and should stay away from these companies and their stocks? Put another way, how many times must they fail? Take William Ackman of Pershing Square Capital Management and J.C. Penney Co., the once-thriving retailer that has been

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