Ackman Makes His Charlie Rose Debut

I have often poked fun at Pershing Square hedge fund manager Bill Ackman for his frequent media appearances, but have been warming up to him in recent weeks. After all, we could do a lot worse, like listening to the endless parade of clowns on CNBC, or even following some of my worthless musings.

While he can appear a bit too smug for me, he checked his ego at the door yesterday for his first appearance on Charlie Rose. He is an eloquent spokesman for Hegistan, and subtly points out the unintended consequences of Paulson’s desire to protect the banks and financial stocks by wiping Hedge Funds off the map.

Paulson succeeded in his scorched earth campaign, but has turned us all into losers with his idiotic moves.

All I can say is, be careful what you wish for.

Hedge fund selling should keep this market in the toilet until the New Year. And, as Ackman points out, there are some tremendous bargains out there, but nobody is in a position to buy anything thanks, in part, to Hank.

A must view, including Ackman’s plan to fix up General Motors (GM-NYSE), and a good discussion of permanent capital, something only Warren Buffett seems to have.

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