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

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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