Pershing Square's limited activist short selling, two high-profile engagements, generated enormous media attention.

Judge as of 2022. The claim has two parts: Pershing Square took part in activist short selling only to a limited extent (about two high-profile campaigns, such as MBIA and Herbalife), and those campaigns generated enormous media attention. True: the record shows Pershing Square's public activist short campaigns were few (about two), and those campaigns received extensive, sustained media coverage. Mostly true: both parts hold, but the count of campaigns is slightly off (for example three rather than two). Mixed: only one part holds, for example the coverage was large but Pershing Square ran many public short campaigns. Mostly false: Pershing Square's activist short selling was substantial rather than limited, and the coverage was modest. False: both parts are contradicted.

Set before the research began.

1. E1 Bill Ackman pledges ‘quieter’ route to investment riches interactive investor · 31 March 2022

   “We have also on a few rare occasions engaged in the ‘noisiest’ form of activism, activist short selling, although this has been limited to two high-profile activist short engagements.”

2. E2 Herbalife shares rise as Ackman attack fizzles Los Angeles Times · 23 July 2014

   “The battle between Ackman, chief of hedge fund Pershing Square Capital Management, and Herbalife has been one of the most closely watched on Wall Street.”

3. E3 Bill Ackman is done with activist short-selling, will focus on ... CNBC · 29 March 2022

   “Ackman also shorted mortgage loan companies FannieMae and FreddieMac in 2007 before the great financial crisis, which turned out to be successful bets.”

E3, an independent source, describes the Herbalife fight between Ackman and the company as one of the most closely watched on Wall Street, which supports the media-attention part for at least one campaign. Only E1 supports the count of 'two high-profile activist short engagements', and it reports Ackman's own letter, so it is essentially the subject's statement. E4 says Ackman also shorted Fannie Mae and Freddie Mac in 2007 but does not call those positions activist campaigns. This makes the count of short engagements somewhat less certain, though nothing here shows the short selling was substantial, so both parts broadly hold.