If you haven't seen it already, here's the latest investor letter out of Bill Ackman's hedge fund Pershing Square Capital Management courtesy of Dealbook. In it, we learn that Pershing has started a new position in Nestle (NSRGY.PK) as Ackman's fund previously did not own it. Pershing thinks the company will boost margins going forward and has possible catalysts ahead. This all comes in addition to Pershing's recent entrance into Landry's Restaurants (LNY). (For the rest of Pershing's positions, we covered its portfolio earlier as well).

Arguably, the most important part of Ackman's investor letter is the section on General Growth Properties (GGWPQ.PK). Since it is no longer a reportable security for SEC filing purposes, it did not appear on Pershing Square's 13F filing. However, Pershing still owns unsecured debt and is also one of the largest equity holders in the name. Ackman overall provides very positive commentary and his position on the board of GGWPQ means he has been very much in the loop regarding all the bankruptcy emergence activity.