$ 1.5 Billion Hole in His Pocket

Bill Ackman is hopping off the train and scoping out the neighborhood. That means some lucky CEOs may soon spot a peeping Bill with $1.5 billion in his pocket, drawing up new plans for their companies.Ackman’s hedge fund, Pershing Square Capital Management, said Wednesday evening that it was exiting its entire stake in railroad company Canadian Pacific, a nearly five-year investment that has served the fund well, even if not everything went according to plan. The proceeds would be around $1.5 billion, based on Canadian Pacific’s current share price. And that money will be put toward one or more new investments, which for Pershing Square tend to be of the activist variety.