Ackman revealed Pershing Square sold Starbucks after the coffee chain's swift rebound from the pandemic. At the same time, he picked up Domino's shares following a pullback.
"We sold Starbucks. It got to a price that it was hard to earn the excess return we like to earn ... The stock just recovered too quickly," Ackman said during The Wall Street Journal's Future of Everything Festival. The investor said that for a brief moment, Domino's shares "dropped dramatically in price for reasons we didn't understand and we were able to swap Starbucks for Domino's Pizza." He said he started buying at around $330 a share.The hedge fund manager has been betting big on the restaurant, retail and hotel industries coming back. His top holdings at the end of 2020 included
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