FILE PHOTO: William ‘Bill’ Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo
BOSTON (Reuters) – Billionaire investor William Ackman, whose portfolio has gained almost 50% this year, said his fund can keep delivering “high, long-term” returns and that he expects Berkshire Hathaway Inc (BRKa.N) stock to help boost gains.
“We believe that Berkshire’s share price is likely to increase substantially over the coming years,” Ackman wrote in a letter to clients one day after announcing in a filing that he had bought roughly $700 million worth of Berkshire stock.
Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker