He was in trouble when the stock was 47, 45, 42, 40, and now 37. He runs a billion dollar hedge fund. What do 'hedge' funds do? If you read very slowly you will find the answer to that question. Don't worry about Ackman, worry about yourself?
1. Ackman is in trouble not because of current stock price. He is very like the London whare story, he is in trouble because lots of other counterparts are against him.
2. He is very famous for not to hedge his position that much, his target holding was a proof. So he sometime does not act like a regular hedge fund owner.
3. If you take a look at my previous posts, you will know that I also think he may have hedged his position somehow. However, I digged in the OTC market and other place and connot find it myself. so you may educate me as how he hedged his position here ( I know he locked his borrowing shares for ober 1 year).