One of the world’s most celebrated hedge-fund managers just pulled the plug on a new fund. He might have gotten a warmer welcome if the deal had been better for all.
On Wall Street, every bad idea starts out as a good idea. And, given enough time, Wall Street will turn every bad idea into a terrible idea.
Even one of the world’s most celebrated investors wasn’t able to buck that cold, hard truth. This week, Bill Ackman, the hedge-fund billionaire who has 1.4 million followers on X, had to pull the plug on his new fund before it could launch its initial public offering.
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This article was originally published on The Wall Street Journal.
Further reading
Benjamin Graham, The Intelligent Investor
Jason Zweig, The Devil’s Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money