PGA3

In a world of short term thinking, @BillAckman is a testament to buying and holding for the long term. In November 2013, Pershing Square bought just under 10 percent of the common stock of both Fannie Mae and Freddie Mac. $FNMA $FMCC The back story is brutal. The government seized both companies in 2008 and put in $187 billion dollars. In 2012 it changed the deal and began sweeping every dollar of profit to the Treasury. The two companies have since sent back more than $300 billion. Most investors who bet on the common stock getting anything back were wiped out or walked away. The trade earned a nickname. The widowmaker. Ackman sued. He lost in court after court, all the way to a Supreme Court ruling against shareholders. The stocks spent time below one dollar. He never sold. Thirteen years later he is still the largest common shareholder of both, holding more than 210 million shares, and still standing in front of rooms making the case for their release. Conviction is not buying something you believe in. Conviction is still holding it thirteen years, three administrations, and one Supreme Court loss later.