In his letter, Ackman said he sold holdings in Sears Holdings Corp, Canadian Tire Corp Ltd and Austrian Post because the companies each had controlling shareholders.
He said one of his company’s important competitive advantages is the ability to force change at companies.
“Other than in special circumstances, we do not expect to make investments in controlled companies in the future,” he wrote.
Ackman sells stake in AIG, calls it a mistake - reuters.com
Great site, being a fellow shareholder its nice to see other shareholders think like owners of Sears as well, and not just short term traders. What is intriguing is that Ackman didn’t mention that he is reducing his Sears Canada stake. According to insder reports he actually bought shares in October.