And the guy hasn't even done anything yet!
When Bill Ackman and his Pershing Square gang started buying CP last September the shares were trading under $50.
Today they're close to $80.
I'm thinking Ackman should cash out now. After all, he's got about a 50% return on his billion plus dollars in a mere eight months.
And he hasn't even got to the loot and plunder part of the program!
It's going to be a little tougher from here on in. The workers who keep those trains running are on strike now, which is a very tempting time for a bold entrepreneur to stake his claim as a visionary. Teach those spoiled workers a lesson, just like Mr. Pocklington did with those lazy over-paid Gainers workers back in the day.
The "financial analyst" crowd loves that kind of stuff. In today's Globe and Mail you've got David Milstead making the case for hopping aboard CP.
But before you hop aboard, keep a couple of things in mind.
Firstly, the market has already rewarded the share price for most of the wonders Ackman has promised to bestow on CP, even though he hasn't done anything yet.
Secondly, that striking work-force has got some old-school attitudes about workers dignity and all that hogwash. They won't be in the mood to be raped by some hedge-fund smarty-pants.
And that's where the Ackman miracle will hit the wall.
You can't just move that railroad to Mexico or China.
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