Chipotle Bet May Be Another Loser For Bill Ackman

What should we make of the outspoken defense offered by William A. Ackman of his hedge fund’s awful performance in the last two years? Has he, as he claimed at last week’s DealBook conference, learned the hard lesson of his disastrous 2015 investment in Valeant Pharmaceuticals International, which has cost his investors billions of dollars?