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Bill Ackman, Up 22% in 2007, Boosts Bet Against MBIA
By admin - Posted on January 11th, 2008
William Ackman, whose Pershing Square Capital Management LP hedge fund returned 22 percent last year, increased his bet against MBIA Inc. and said the bond insurer may need to raise $10 billion in capital to protect its policyholders.
Pershing Square increased its short positions in stock of MBIA, the biggest U.S. guarantor of bonds, and Ambac Financial Group Inc., Ackman said in an interview on Bloomberg Television today. His New York-based fund is buying more credit-default swaps of MBIA's holding company, which are used to bet on a company's ability to repay debt, he said.
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Good Article by Nassim Taleb
Submitted by Anonymous on Sun, 01/20/2008 - 01:50.
A focus on the exceptions that prove the rule
http://www.ft.com/cms/s/2/5372968a-ba82-11da-980d-0000779e2340.html
Good article on CDS and MBIA
Submitted by Anonymous on Fri, 01/18/2008 - 10:43.
MBIA's Capital Need Grows, Credit-Default Swaps Show
http://www.bloomberg.com/apps/news?pid=20601109&sid=aSHflDzfY57Y&refer=home
to borisp
Submitted by Anonymous on Thu, 01/17/2008 - 20:58.
are you long mbia or ambac? i saw an interview with marty whitman basically calling ackman a wolf in sheep's clothing and a good marketer. the market is finally realizing the bad business practices these companies built their success on. for the time being, its an egg on whitman's face that he really didnt need to press on a few weeks back.
I don't own mbia or ambac
Submitted by Anonymous on Fri, 01/18/2008 - 10:41.
I don't own mbia or ambac. I am waiting for credit crisis to stablize before I buy bond insurers like MBIA. But I own a small position in Borders
Boris
Bill Ackman's other crushed stocks
Submitted by borisp on Sun, 01/13/2008 - 16:18.
Ackman's book retail stocks (Borders Group and Barnes & Noble) have taken a hit in recent days. Are BGP and BKS a bargain now ?
returns calculation
Submitted by Anonymous on Fri, 01/11/2008 - 13:05.
Ackman says his now $4b fund was up 22% last year, but the $2b (starting investment - now about $1.1b) Target
sidecar Pershing Square IV was down 43%. By my calculcations, the whole thing was about flat on a
gross basis.
