Billionaire investor William Ackman has managed to erase his entire 40% return of 2014, a performance that put him at the pinnacle of the hedge fund world. Ackman‘s Pershing Square Holdings portfolio has lost 17.3% so far in 2016, the fund told investors on Wednesday. Added to last year, when it lost 20.5% in a relatively flat year for markets, the fund’s declines are now greater than its 2014 gain. Valeant Pharmaceuticals, which was Ackman‘s main loser in 2015, was also to blame for this year’s drop. Valeant’s stock declined 16% from Feb. 17 through Tuesday amid questions over its earnings, providing the final bit ... (full story)