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Drink Up: Bill Ackman is Long Starbucks

Pershing Square continues to remake its portfolio with another restaurant stock.

Bill Ackman doesn’t drink coffee, but he is adding a caffeine jolt to his portfolio.The Pershing Square Capital Management CEO unveiled a new position in Starbucks at the Grant’s Interest Rate Observer Conference Tuesday. The shares gained about 2 percent on the news.Ackman said he purchased 15.2 million shares for

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