“We haven’t lost confidence in Bill. You’ve got to know who you’re investing with. We know all his positions,” said Mr. Hill during the Reuters Global Investment Outlook Summit in New York on Monday. Pershing Square recorded a loss of 21% this year through November 10. The hedge fund is one of the largest shareholders of Valeant Pharmaceuticals, which is currently confronting allegations of accounting fraud. Valeant Pharmaceuticals lost nearly 60% of stock value over the past month. The decline was primarily due to allegations against it. On October 21 alone, Pershing Square lost around $1.1 billion from its investment...