In some cases, losses in August wiped out gains for the year, and now it will be a race against time to rebound and finish the year in the black. "People call us a hedge fund," Ackman said on CNBC on Friday. "From an industry perspective, we need to explain better what a hedge fund is." Ackman is saying that activists like him tend to be long-biased — meaning they bet that stock prices will go higher — and take a handful of highly concentrated positions in publicly traded companies. So when the broad market sells off, funds like this...