Bill Ackman: H-P (HPQ) is a 'Big, Complicated Mess'

Pershing Square fund manager Bill Ackman is saying what many are thinking: Hewlett-Packard (NYSE: HPQ) is a "big, complicated mess."

Well said, Bill.

In a Bloomberg interview, Ackman said he took about five or six calls from investors "begging" Pershing Square to take a stake in Hewlett-Packard. Ackman feels "the future of the PC is a very, very difficult business to handicap."

Ackman believes the cost of evaluating the company would outweigh the benefits.

Hewlett-Packard recently let go of Leo Apotheker as CEO, and tapped former eBay (Nasdaq: EBAY) CEO, and Hewlett-Packard board member, Meg Whitman to lead the company. Whitman recently said Hewlett-Packard would decide on the final fate of it's PSG business by the end of October.

However, Ackman thinks the announcement of spinning off the PSG business "irreparably damaged the brand."

Ackman makes investments on what he calls "brain damage," referring to the amount of effort and profit evaluation needed before he makes an investment. The more brain damage needed, the better the profit better be.

Shares of H-P are trading 0.7 percent stronger Wednesday morning.

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