I have nothing against Bill Ackman, but he has fallen prey to his own hubris on his Valeant Pharmaceuticals investment and is in danger of having the rug pulled out from under him.  Watch for an avalanche of redemption requests  from his fund eventually forcing him to sell at an inopportune time.

More pain across the investment management industry: Bill Ackman’s Pershing Square Holdings portfolio has lost 24.5% YTD, extending its fall this week as its biggest holding, Valeant Pharmaceuticals, declined further.

Source: Hedge fund industry still not doing well – Seeking Alpha