BILL ACKMAN ON ADP: I lost the vote, but I also won (ADP)

Billionaire hedge-fund manager Bill Ackman lost his bid to get three of his own candidates on the board of ADP, the human-resources company. The vote came after a three-month testy back-and-forth between the activist investor and ADP. Ackman says that despite the loss, he and investors in his fund, Pershing Square, have actually won in the long-term. "What our investors want us to do is make them money. We've made them money so far in our investment in ADP," Ackman told Business Insider. The...