it is about bill ackman. and real estate. do, there aiming to is technical stuff going on here. has a wide delta to the stock price. ackman has been trying to make that up, essentially. , the fundews for him is doing better. he has also been successful as a real estate investor in philadelphia. outside the fund. he is essentially using that asset to borrow money to buy back shares in this to get back. david: to raise the price. >> exactly. david: he thinks it is a better deal. >> that is exactly right. this is where investors are always asking, what is your stake in this? you are a smart manager. >> he is no different from jamie dimon buying jpmorgan when he thought it was underpriced. he made a lot of money off of it because he was right. alix: is that desperate? >> it depends on your perspective. >> he had a terrible year last year. he has been more successful on wall street. bill ackman his help to make the case for activism. .e has had some bad bets we will see if this will get him on track. money is money. under price, overpriced asset. alix: glass half empty. david: food gi

. >>> we are back on this friday a new number is out on bill ackman's performance this year followinghe money for us >> hi, scott finally a little bit of good news finally posting performance that is, at least, solidly in the black in the year through tuesday pershing square post eed gains of 11.4% almost three times the game for the s&p 500. this morning the fund is up almost 22% it represents about half of the firm's $8 billion in assets under management and returned there at the publicly traded vehicle are slightly higher and loss are slightly steeper than that of his public funds due to the publicly traded vehicles returns of any kind, as you know, have been largely absent at pershing squares for the last few years. posted declines of 14% in 2016 and 0.5% in 2015, disclosures show adp up about 18% this year while chipotle is up 60% now, these swings speak largely to the nature of ackman style of investing. he takes large, concentrated bets based on the latest public filing the firm holds about seven long positions. they also tend to acquire positions using options that are not imm

later today, we will talk exclusively with stephen traden, a former lawyer for bill ackman.ots of stories here and that's at 3:00 p.m. eastern. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. ofk: life in the city london, i'm mark barton counting you down to the european close. vonnie: president trump is gathering his trade team to decide whether to move ahead on tariffs for chinese goods. he said he will confront china strongly and they may get upset. they may likely respond with terrace of their own. by our chief economist. how concerned is beijing that the outcome will not be to its advantage? they have some money options here. thehe reality is that current trade relationship is hugely advantageous to china. tradere the ones with the surplus and are benefiting from technology transfer, moving their industrial sector up the value chain. is how much is how much of the existing relationship can we keep in place? what can we do to placate the u.s. in order to keep the fundamental structure of the trade relationship unchanged? there has been so many back and

bill ackman. he has not really done well when it comes to stockpicking.ood landlord can save him. peggy: it is interesting becessa storied activist hedge fund manager. he has done incredibly well early in his career. he had great bets, including railroad stock several years ago. as of late, he has taken b losses, high personal losses on stock bets for valeant, a short on herbalife. gain back speed. one of the things that happens is his perfect -- persian square publicly traded entity. weret it trades like his hedge fund and it is discount ng to do is use his personal assets outside of his hedge fund to prop up or beef up the value of that ly traded vehicle to help investors in this fund. it is a boat of confidence in his own ability. ou think it will be persve? ll the market interpret this as it to should be trading er and therefore it might? peggy: i think it remains to be seen to whether it will work out . most of the messaging he is trying to make is to say, i have faith in the fund. i want to back my investors. with hedge fund managers, one of the to