Confidence is an important trait for any successful value investor. After all, value itself can mostly be found only by buying against the market. It therefore takes a very convicted investor to hold his nerves while everyone is dissing his holdings.

Conviction is something Bill Ackman does not lack. Mr Ackman is a famous activist value investor whose Pershing Square Capital Management runs a very concentrated portfolio – he seldom exceed 15 counters even though Pershing Square is managing over USD 10 billion.

I have met many investors and found a great number who boast unabashedly about their supposed market beating returns. Honestly, I have no idea how many of them are truly Buffett-esque, but what I do know is that Mr Ackman has consistently proven his ability to beat the market. In fact, after a stellar 2014, Mr Ackman became the youngest member to enter the all-time top …