Commenting on his high-profile current investments, Pershing Square Capital’s Bill Ackman describes the general company traits he looks for in both active and passive investments and why a high public profile is an important element of his strategy. He also reveals whether his thesis on J.C. Penney has evolved, what lessons he’s learned from a few prominent mistakes, and why his short conviction on Herbalife is as high as ever in this recent interview with our sister publication Value Investor Insight.