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Pershing’s Ackman Tells Hedge Fund Managers About His Biggest Investment Mistake

(The Street)Embattled activist industry Bill Ackman on Thursday told hedge fund managers that his single biggest mistake with a particularly troubling large investment in Valeant Pharmaceuticals (VRX) was to rely on management at the drug company.

“We don’t need to rely on management with the vast majority of our investments to get a good outcome,” Ackman told hedge fund managers at the SALT conference at the Bellagio Hotel in Las Vegas. “Our biggest mistake at Valeant was that [our investment] was incredibly dependent on management judgement. We made a big mistake.”

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