Bill Ackman, CEO of Pershing Square Capital, pitched J.C. Penney Company, Inc. (NYSE:JCP) as one of his favorite investments, at the Ira Sohn Conference last week. Ackman has been implementing many changes at the company as an 18% shareholder, and a member of the board. He is trying to create a mall within a mall. Ackman believes that the stock which is trading at $26, could be worth up to $315 a share, using a 12x earning multiple, assuming Store growth, and share buybacks.
The ACAP Strategic Fund's managers see a "significant scarcity of attractive asset allocation choices globally," but also a strong environment for fundamental stock picking. Q2 2021 hedge fund letters, conferences and more According to a copy of the fund's second-quarter investor update, which ValueWalk has been able to review, its managers currently hold a balanced Read More
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