"The Bloom" has been off the big-name activist investors for a while now. William Ackman at least is owning up to his failures. "I apologize profusely for the fund's results to date," he said in an investor letter dated Feb. 8, obtained by Bloomberg. Ackman was referring specifically to his fund that exists to invest in Target, which continues to languish in the recession. 

Bloomberg reports Ackman's Pershing Square IV fund fell 40.1 percent in January, bringing the loss since inception to 89.5 percent, according to an earlier letter sent to investors. He offered investors a chance to swallow the losses by exiting the fund, penalty free. It's cold comfort, but a decent gesture. Perhaps we'll see more such gestures from other activist managers, which would bring a smile to their targets' faces, if only they were doing better. 

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