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From DealBook: Hedge fund manager William Ackman's letter to investors about Pershing Square IV, his hedge fund devoted specifically to the retailer Target. Mr. Ackman is cutting fees and letting investors withdraw their capital from the money-losing fund.

Pershing Square's Ackman feels that, as with Wendy's (NASDAQ:WEN) and McDonalds (NYSE:MCD), he will eventually prevail in Target (NYSE:TGT) (hat tip: Todd Sullivan)

Pershing Square IV Letter to Investors


Source: Pershing Square on Target's Promise