Bill Ackman has bought into Lowe’s. Haven’t we seen this all before? : Earlier this week, Bill Ackman reportedly revealed that his Pershing Square hedge fund had made a $1 billion investment in Lowe’s, the No. 2 home improvement retailer in the country, behind Home Depot. Pershing Square has been considered one of the poorer-performing funds over the past few years, and Ackman has made some colossally bad investment choices, most notably his shorting of Herbalife, claiming it was a Ponzi scheme in disguise of a nutritional supplement company.