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Hedge fund Titan's sure-fire bet turns into US$4b loss

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Mr Ackman's company's performance is way down, he is in the midst of an expensive divorce, and on March 13, he and investors in funds run by Pershing Square Capital Management swallowed a US$4 billion loss on beleaguered drug company Valeant Pharmaceuticals.

New York

A LITTLE over two years ago, William Ackman, one of Wall Street's brashest and most self-assured hedge fund managers, was on top of the world. A billionaire before he hit 50, he was generating double-digit gains for his investors and raking in hundreds of millions in fees for his

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