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For his Pershing Square Capital Management, the Penney episode is a misstep reminiscent of his failed bid to push for change at Target TGT.N several years ago. The twin failures have led some in the $2.25 trillion to grumble that Ackman, whose fund made more than $1 billion on an investment in mall operator General Growth Properties GGP.N, does not have a good strategy when it comes to agitating for change at retail companies.
