Bill Ackman has been making the wrong kind of headlines again so far in 2016 after his hedge fund Pershing Square Capital Management lost more than 20% of its value in 2015. Here’s a closer look at three of Ackman’s biggest investment blunders: J.C. Penney (JCP), Herbalife(HLF) and Valeant (VRX).

J.C. Penney (JCP)

Back in 2010, Pershing Square became JCP’s largest shareholder when Ackman decided to try his hand at turning around the ailing company. After joining the JCP board in February 2011, Ackman selectedApple (AAPL) VP Ron Johnson as the new JCP CEO. Johnson came up with a radical turnaround plan that involved transforming JCP into a collection of boutiques that would be “fun places to hang out.” The transformation fell flat, however, when JCP shoppers that were used to hunting for markdowns rejected the new “full-but-fair price” strategy.

In the end, JCP’s 2012 sales plunged 25% to their lowest level since 1987 and Ackman stepped down from the board and dumped his stake in JCP for a reported $500 million loss.

Herbalife (HLF)

Ackman made…

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