Pershing Square's Bill Ackman exits Berkshire Hathaway. Photographer: Peter Foley/Bloomberg  © 2013 Bloomberg Finance LPBillionaire Bill Ackman of hedge fund Pershing Square Capital Management has exited his firm’s about $1 billion position in Berkshire Hathaway BRK.B , seeking higher returns as cash continues to swell at Warren Buffett’s investment conglomerate. Ackman’s sale means Pershing Square held Berkshire shares for roughly a year, thus the position wound up as just a quick trade in one of the world’s best performing companies over the past half-century. On a conference call with investors Wednesday, Pershing Square revealed it sold its Berkshire Hathaway holdings as it tries to opportunistically invest in markets pummeled by the coronavirus pandemic. As of this week, Pershing Square again began taking chips off the table.

Source: Forbes May 27, 2020 17:09 UTC