Ackman: Wish I Had Shorted Department Stores

Hedge fund billionaire Bill Ackman wishes he had shorted Macy's (M) - Get Report , J.C. Penney and the entire department store sector. "It is a very, very troubled sector," Ackman said in a wide-ranging interview with TheStreet. "Since my J.C. Penney (JCP) - Get Report experience what I should have done is short the entire sector. That would have been a smart move. It's not what we did." Ackman's comments come after he moved in 2013 to exit a large activist position in J.C. Penney, an investment the insurgent manager had previously acknowledged was a mistake. Ackman's fund reportedly reported a loss in the hundreds of millions of dollars, but he exited before the department store chain's shares dropped even further.

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