Does Dan Loeb Think Bill Ackman Has Lost His Touch? (HLF) (JCP)
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They called Dan Loeb's long bet on Herbalife Ltd. (NYSE: HLF) a slap in the face to fellow hedge fund investor and so-called friend Bill Ackman, who is massively short the stock. But it appears the rift goes further...
A story in the Wall Street Journal discussing the showdown over Herbalife also notes that Loeb had taken a short position in Bill Ackman's big long bet on J.C. Penney Co., Inc. (NYSE: JCP).
From the WSJ:
"This isn't the first time Messrs. Ackman and Loeb have squared off. Mr. Loeb had taken a short position in J.C. Penney, JCP +0.19% a retailer that Mr. Ackman has sought to revive under former Apple Inc. AAPL +0.35% executive Ron Johnson, according to people familiar with Mr. Loeb's holdings. Penney's new strategy hasn't paid off so far, with both sales and the share price slumping. Mr. Ackman has told his investors the turnaround will take time. The company has repeatedly said it would take years to turn around the chain."
Considering Ackman has just 10-12 concentrated bet - and Loeb is on the opposite side of two of them - it seems Loeb may think Ackman has lost his touch.
A story in the Wall Street Journal discussing the showdown over Herbalife also notes that Loeb had taken a short position in Bill Ackman's big long bet on J.C. Penney Co., Inc. (NYSE: JCP).
From the WSJ:
"This isn't the first time Messrs. Ackman and Loeb have squared off. Mr. Loeb had taken a short position in J.C. Penney, JCP +0.19% a retailer that Mr. Ackman has sought to revive under former Apple Inc. AAPL +0.35% executive Ron Johnson, according to people familiar with Mr. Loeb's holdings. Penney's new strategy hasn't paid off so far, with both sales and the share price slumping. Mr. Ackman has told his investors the turnaround will take time. The company has repeatedly said it would take years to turn around the chain."
Considering Ackman has just 10-12 concentrated bet - and Loeb is on the opposite side of two of them - it seems Loeb may think Ackman has lost his touch.
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