Hedge fund billionaire Bill Ackman wishes he had shorted Macy's ( M) , 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) 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.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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