[Ackman's buying Netflix again](https://www.marketwatch.com/story/bill-ackman-once-exited-netflix-stake-in-a-huff-why-hes-buying-the-streaming-giant-again-as-well-as-these-five-stocks-ae0d9220?mod=mw_rss_topstories) after exiting in frustration — and Pershing Square is adding five other names alongside it. Here's what matters: reversals like this don't happen on a whim. When a $50B+ fund abandons conviction, then rebuilds it, something fundamental has shifted.

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