Ackman decided to sell his entire position earlier this month, suffering a roughly $4 billion loss since having bought the stake in early 2015.
BOSTON: Billionaire hedge fund manager William Ackman has apologized to clients for betting on Valeant Pharmaceuticals International Inc, telling them he was “deeply and profoundly sorry” for losing so much of their money on the investment.
Ackman decided to sell his entire Valeant position earlier this month, suffering a roughly US$4bil loss since having bought the stake in early 2015. He called the investment a “huge mistake.” “My approach to mistakes is that I personally assume 100% of the responsibility on behalf of the firm,” he wrote in the firm’s annual letter released to clients on Tuesday evening and seen by Reuters on Wednesday.
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