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Bill Ackman Finishes 2019 With a Bang

Pershing Square triumphs, making back four years of losses — and earning incentive fees.

A little more than three years ago, a Vanity Fair headline asked the question: “Is Bill Ackman Toast?” At the time, Ackman’s Pershing Square Capital hedge fund firm was sinking under its disastrous bet on Canadian pharmaceuticals rollup Valeant Pharmaceuticals International, its investors were starting to bolt, and the naysayers

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