Hedge fund manager William Ackman told investors that he has had three "failures" in his portfolio over the years, all retailers, and that retail investing has not been his "strong suit."
He included J.C. Penney (JCP.N), where he is sitting on hundreds of millions in losses and left the company's board last week, as one of the three failures. Borders Group and Target (TGT.N) are the others. Ackman made the comments in an investment letter seen by Reuters.
He said he may choose to exit Penney "after more or less time depending on developments at the Company, the stock price, and the availability of other investment opportunities." He is the company's biggest shareholder.
Apart from these "failures", Ackman said "our active investments (have) done extremely well during our holding period."