Bill Ackman lost $400M dumping Netflix — now says it ‘won the streaming wars.’ Should you rebuy a stock that burned you?

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Few people willingly revisit a $400 million mistake. Bill Ackman just poured more money into his.

The Pershing Square CEO has bought back Netflix shares (1), four years after dumping an earlier stake at a huge loss. The new position accounted for 4.9% of Pershing Square's portfolio as of June 30 (2).

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"Netflix has since effectively won the streaming wars," Ackman and Pershing Square chief investment officer Ryan Israel wrote in the firm's semiannual report (3).

The firm expects double-digit revenue growth, with content expenses rising more slowly than revenue.