As we reported earlier, it appears that after 4 years of losses, Bill Ackman's investors finally lost patience with the flamboyant activist and as the WSJ noted overnight, “most investors” are rushing for the exits, with Bloomberg adding that about two-thirds of the capital that investors could withdraw from Pershing Square Capital Management's private funds was redeemed at the end of last year.

Whether or not there are pending redemptions remains unclear, but one thing that is absolutely guaranteed is that the market will now scramble to short all of Ackman's concentrated positions out of existence in hopes of starting a liquidation panic and profiting from the inevitable unwind.

So what should traders focus on? Conveniently Ackman, being a very concentrated investor, only has a handful of long bets, and courtesy of Bloomberg, here are his most recent holdings and positions.