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Wednesday night, the mondelez sale was for quote, rebalancing as the position crew outsized come paired to other holdings like valeant that dropped in value. That sparked wild speculation about whether he might have gotten a margin call or something else. I reached out to him this morning for comment and to give him the opportunity to set the record straight on the current state of his firm. Ackman telling me we dont use margin leverage. Never have and never will. Others speculated he might be preparing for a wave of redemptions due to recent declines which he said was not the case. He told me only about 2 of asset which is total more than 11 billion were redeemed at the last opportunity to do just that on february 15th, a time when much of the negative valeant news was widely known but before the recent plunge. He said 83 of his investors that could have redeemed instead rolled their money ahead and remained in the fund. One longterm investor in the firm told me this morning he has no

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