“We continue to expect that markets (and our performance) will remain volatile, and therefore, new opportunities may present themselves that are superior to investments we currently own,” Ackman told his investors in a Tuesday morning letter.
He continues to sit on about $1 billion in cash that still can be deployed as containment, or even recovery, becomes more evident. In about a day, he then spent about $1.5 billion re-building a position in Starbucks, and adding to companies like Agilent, Berkshire Hathaway, Hilton, Lowe’s and Restaurant Brands, the parent company of Burger King and Popeye’s.
