Investing in individual companies requires upfront effort but also much recurring maintenance effort. Classified as a maintenance effort is continue to learn from some of the best around. I cam across a notification here of Bill  Ackman’s Pershing Square Annual Report 2014. Bill Ackman have been known in the news due to his fight with Herbal Life, JC Penney and Allergan. What is perhaps seldom mentioned is that he is rather value tiled in his investment approach. Like most value tilted managers, they write a rather splendid report to update shareholders but also serve as a way to communicate and curate their investors.If you disagree with how they do things, you are free to leave. At the end of the day perhaps, having strong investors will keep you sane from consistently questioning you. This report is particularly interesting in that, I am often asked how do I carry out ......