Ackman believes that the domino effect and the short term nature of investment managers is partially responsible for this year's losses:

![Image upload](https://cdn.commonstock.com/2e016d1b414b618bdf24219b34b632b1be7aa4516d3a1391ff8b79105990fe5d-1456x357.png)

Taken from Pershing Square's Interim Report: [https://assets.pershingsquareholdings.com/2022/08/19172838/Pershing-Square-Holdings-Ltd.-June-2022-Interim.pdf](https://assets.pershingsquareholdings.com/2022/08/19172838/Pershing-Square-Holdings-Ltd.-June-2022-Interim.pdf)

Newsletter covering Ackman coming soon!

"Investments at higher valuations are destined to generate lower returns."

Yet its so hard to invest as much when things are going down. Psychology in action.

Nathan Worden

https://assets.pershingsquareholdings.com/2022/08/19172838/Pershing-Square-Holdings-Ltd.-June-2022-Interim.pdf

Bill Ackman on 2022's Losses

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