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Bill Ackman Builds Big New Stake

In a conference call with investors to discuss second-quarter results, the Pershing Square founder said his firm has built a sizable position in a company he declined to name.

Pershing Square Capital Management CEO Bill Ackman, fresh off his best half-yearly performance since launching his public fund in 2014, told those investors Wednesday in a conference call that the firm has a new, undisclosed position representing about 10 percent of its portfolio.“It’s quite undervalued, and there’s lots of opportunity

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