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Ackman looks for a magic trick

Bill Ackman seems poised to get 'toasted' on his $45 million Stuy Town bet, but he's been down before -- and then walked away with billions


Bill Ackman

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From the October issue: Say what you will about “activist” investor Bill Ackman, but the man fighting what appears to be a losing battle for control of Stuyvesant Town-Peter Cooper Village does not give up easy. It took the founder of Pershing Square Capital six years to win a bet against the fortunes of bond insurer MBIA, during the course of which he was vilified by Wall Street and almost ruined. Yet in 2008, Ackman, then just 42, walked away with $1.1 billion in profits for his clients. He’s also waged high-profile, high-stakes battles against corporate management at McDonald’s, Target and Wendy’s International. And he has often won profitable concessions. [more]