Annual Update Presentation. Including a general summary of certain portfolio holdings that have both over and under performed. Strong global growth and scale. (Bloomberg) — Bill Ackman, the activist hedge-fund manager, said he sold his firm’s General Growth Properties Inc. Shares because the expected returns on the.

Bloomberg via Getty Images Billionaire hedge fund manager Bill Ackman just wrapped up his latest Herbalife presentation. Ackman, who runs Pershing Square Capital, gave what he called 'the most important presentation' of his career.

Counter Strike 1.6 V30. In shorting Herbalife to zero, he's gone as far as comparing the company to the Nazis. But today the market laughed at him: The stock surged 15% as he spoke.

There were hundreds of folks gathered at the AXA Equitable Building in Midtown Manhattan. Even Ackman's father was in attendance. Thousands of people tuned in via a webcast.

For more than a year, Ackman has been loudly shorting Herbalife — a maker of nutrition shakes. He believes the company is a 'pyramid scheme.' His presentation today focused on the company's so-called nutrition clubs.

Earlier this morning, Herbalife 's CFO, John DeSimone, told CNBC that Ackman's 'bark is worse than his bite.' If the stock surge means anything, perhaps DeSimone was correct. There wasn't a major bombshell in Ackman's presentation.

The 250-plus slide deck was very detailed. The biggest thing was that Ackman believes the company is skirting labor laws with its nutrition clubs. In sum, though, Ackman alleged that Herbalife had Wonderware Intouch 10.5 Crack here. 'fictitious customers' and a 'fictitious business opportunity.' He called Herbalife 'a fraud perpetrated by Herbalife's senior management and members of its Founder's Circles, Chairman's Club and President's Team conceived, designed and executed to exploit the poor.'

Ackman began the presentation by going over the backstory about Herbalife's founding. He then moved to his Herbalife 'pyramid scheme' thesis. Ackman claimed Herbalife 'targets the poorest of the poor.' He then shared some slides based on a document he obtained from a whistleblower. Pershing Square Pershing Square Ackman claimed that Herbalife 'seeks to exploit the extremely poor in new and existing markets.' He said that Herbalife denies it targets ethnic groups. Ackman claims one way they do this is through the nutrition clubs.

According to Ackman, Herbalife's nutrition clubs are critical to the company's growth. Ackman said that Pershing Square spent $50 million on investigating: 'I'm not proud of that number.' He said they investigated over 240 nutrition clubs: 'We had investigators go in and become part of that program.' First, he went over the rules of the nutrition clubs. For example, the clubs aren't allowed to attract customers – no advertisements or promotions allowed. They also can't have signage or an open-closed sign. Ackman said that his team went over the economics of 10 nutrition clubs in Queens, New York.

He concluded that they're a money-losing business. On average, he said, these clubs lose $12,000 a year before paying the owner. 'This doesn't seem to be a particularly good business model,' he said. Ackman said the real purpose of the nutrition club was to recruit members. He said these clubs 'grow like a virus' through duplication. He showed a slide comparing the number of McDonalds' and Herbalife nutrition clubs in Queens. He pointed out that while the McDonalds' are spread out, the nutrition clubs are on top of each other.