Below is hedge fund Pershing Square Capital Management's presentation on its short position in Realty Income (O). We've covered the basics of Pershing's short earlier on and now here's your chance to see more specifics as to why the fund thinks Realty Income will eventually have to cut its dividend; an action that could potentially send its large retail investor base fleeing.
Ackman will be presenting at the Value Investing Congress which is taking place in New York both today and tomorrow so we'll have to see if he further elaborates on this short or whether he presents a different investment idea. Ackman's presentation of his short in 'O' comes from the Great Investors Best Ideas conference and you can see what other hedge fund managers presented here.
Embedded below is Pershing Square's short case for Realty Income (O):
Alternatively, you can download the .pdf here.