Finance

Here's Bill Ackman's Huge Presentation On His Favorite Investment Right Now

By Simone Foxman
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bill ackman
Bill Ackman  Pershing Square Capital Management

At last week's Ira Sohn conference, Pershing Square Capital Management's Bill Ackman gave an in-depth presentation to back up his bullish case for J.C. Penney.

FT Alphaville's Cardiff Garcia obtained a copy, and we've reproduced it here.

Essentially, Ackman wrote off J.C. Penney's poor performance in the first quarter as mere growing pains, arguing that CEO Ron Johnson and his dream team of new executives will affect a rebirth for the struggling retailer. Their focus on separate shops rather than store-wide blanket discounts will bring them success starting later this year.

case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcpcase for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)
case for $jcp
Pershing Square Capital Management, L.P. (via FT)

And now for another legendary investor...

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Simone Foxman
Simone Foxman is a reporter for Quartz. She previously worked for Business Insider's Money Game vertical. She graduated from Columbia University with a B.A. in economics and Middle Eastern Studies. She speaks fluent Spanish and conversational Arabic. She previously held internships with CNN en Espanol, WPIX-TV in New York City, and NBC 40 in Atlantic City, NJ.
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