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Ackman Talks ADP, Jobs, Chipotle and Shorting Department Stores

Activist investor Bill Ackman is in the midst of an epic battle with the board and management of Automatic Data Processing (ADP - Get Report) , where he's seeking to install three dissident directors at the payroll company's annual meeting Tuesday. The embattled billionaire insurgent took some time in advance of the fight to speak with The Street to refute ADP's suggestion that his goals can only be achieved by eliminating up to 20,000 jobs. In a wide-ranging sit-down interview, Ackman also spoke about why he still thinks Chipotle (CMG - Get Report) CEO Steve Ells is an "outstanding visionary," even though the restaurant chain's share price is in free-fall following a big earnings miss. The insurgent investor also lamented about past mistakes, noting that his fund, Pershing Square Capital Management, should have "shorted" the entire retail department store sector, "but that's not what we did."