Ackman basically sold down his PUTS in MBIA and Ambac and probably made a small fortune. He also established a position in Wendy's in the quarter and added another 16 million shares of Target, his favorite retail company. Other than that, he held positions in Sears, Cadbury, Greenlight Capital, and loaned Borders Group money to stay afloat and took tons of options/warrants at $7.

The link shows some of his recent stock picks and tracks the performance.