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Ackman: Wish I Had Shorted Department Stores

Bill Ackman sat down with The Deal's Ron Orol and discussed J.C. Penney, Macy's and other retailers.

Hedge fund billionaire Bill Ackman wishes he had shorted Macy's (M) - Get Macy's, Inc. 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 J. C. Penney Company, Inc. 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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