Bill Ackman of Pershing Square Capital Management has been right some many times this year it's scary.

He predicted the demise of the monoline bond-insurers, such as

MBIA

(MBI) - Get Report

and

Ambac

( ABK), well before the credit crunch really hit the economy. Ackman began shorting shares of MBIA north of $60 and Ambac north of $75; MBI now trades at $6 and Ambac at 76 cents.

Ackman also owned 25% of

Longs Drugs

( LDG) back in mid-September. Within three weeks of Pershing Square's, purchase, Longs was bought out for a nice 30% premium.

So when Pershing Square, an $8 billion-plus activist hedge fund that has had returns of 40% or more over the past two years, filed its latest equity holdings, we paid close attention.

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