Meet the New ‘White Hat’ Activist Investors: Not Just Raiders Anymore


William Ackman

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Ackman, a Harvard-educated hedge fund manager, takes fewer positions than some of his peers but is known as one of the brainiest fund managers. He employs deep research and a range of tactics, including taking strategic positions in derivative products or short-selling—placing large bets that stocks will fall—as he did with Herbalife, calling it “a pyramid scheme.” The founder of Pershing Square Capital Management gained fame and huge profit with a correct call that MBIA, a mortgage insurer, would crash as mortgage failures accelerated.

Next: Ralph Whitworth, Relational Investors LLC

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