Ackman revealed Pershing Square sold Starbucks after the coffee chain’s swift rebound from the pandemic. At the same time, he picked up Domino’s shares following a pullback.
“We sold Starbucks. It got to a price that it was hard to earn the excess return we like to earn … The stock just recovered too quickly,” Ackman said during The Wall Street Journal’s Future of Everything Festival.
The investor said that for a brief moment, Domino’s shares “dropped dramatically in price for reasons we didn’t understand and we were able to swap Starbucks for Domino’s…