Pershing Square Capital Letter

The third quarter of 2008 letter from William Ackman at Pershing Square Capital Management hit the blog community yesterday. Ackman is a very high profile Hedge Fund manager who has been in the news frequently. Here are some highlights:

1) All three of his funds have a positive absolute return year to date, and for the third quarter, even after fees.

2) Cash or near cash (what the heck is near cash?) is at 39% of capital.

3) He blames the market sell off on "prime brokerage firms" and "margin account managers" who sell quickly, so the pain may be nearing at end.

4) He is finding "extraordinary bargains" in the market.

5) He quotes Warren Buffett on the bottom of page 3. It was too long to reproduce here, but click the link above and read it, it's a good one.

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