Love Bill Ackman or hate him, whether or not you think that his outlier "investment" of the year, one which generated nearly half of his P&L in 2014, namely the collusive hostile bid with Valeant (VRX) on whose balance sheet he piggy-backed in an attempt to acquire Allergan with lots and lots of debt and whose public announcement he front-ran with even more leverage in the form of hundred of millions in call options, was more criminal than the alleged Herbalife (HLF) pyramid scheme or perfectly legitimate, one thing is beyond dispute — of all the prominent hedge funds, Ackman's Pershing Square was the best performing hedge fund of 2014.

Here are Ackman's biggest winners and losers of the past year.