Ackman: 2-and-20 doesn’t work anymore for hedge funds

After two years of double-digit losses, Bill Ackman is hoping for a ♉comeback.

“I got something to prove,” Ackman, the billionaire behind hedge fund Pershing Square, said at an afternoon session at the Skybridge Alternatives Coꦕnference in Las Vegas, noting that the humility kicked it when the fund was down 30 percent.

Beyond his own fund’s troubles, Ackman likewise admittꦑed to the broader problems in his sector.

“The hedge fund industry is a little bit like the mall industry,” Ackman said, adding that funds can’t fee 20 percent of profits when they’re only gaining 5 to 8 percent.

It’s been some time since Pershing Square could collect on profits🎃, but the fund adjusted its fee structure last year so that clients only pay on profits in excess of 5 percen൲t.

🦄Elsewhere, despite his own slew of screw-ups🔥, Ackman had a few pieces of advice for President Donald Trump.

Although he was bullish on Trump’s pro-business stance,🐭 Ackman said Tr🍰ump has “been disappointing so far.”

“He needs a win,” Ackman𝔍 said, adding that Trump should focus on infrastructure instead ꦯof healthcare.

“The thing I don’t understand – every president seems to start with healthcare, and it destroys everything,” Ackman said.

T🌳he silver-haired investor would know something about failure in the health sector. Ackman finally sold his stake in Valeant Pharmaceuticals in March, only after the stock plunged more than 90🌄 percent and was the major contributing factor to his fund’s losses.

“You don’t need to make it back where you lost it,” Ackman said of the late decision to ꦑshed his stake.