I don’t want to doubt Prem Watsa who recently doubled his stake in RIM, but I have to side with Ackman’s thoughts on RIM for now.
“We spent some time looking the company, but we decided against it,” Ackman said in an interview after holding a public meeting in Toronto Monday on the CP Rail proxy battle. “We’re not really technology investors.
“We like businesses like the railroad business which aren’t going to go away,” he said. “As much as I like my BlackBerry, there is some risk it’s going to go away. And that’s a risk we don’t want to take with a billion and half dollars.”
Ackman added: “I feel very comfortable (the railroad) is going to be there under my feet, and everybody is going to need it.”
That’s one of the questions an investor should consider, he said. “Is this business going to be here in the next 50 years? If not, then you probably don’t want to invest it.”