A new feature of the Money Makers circle from here on will be a regular short question and answer session in which I invite leading analysts and investment trust experts to contribute their answers to a single topical issue. To illustrate how this will work I offer this initial sample of responses to a question about Pershing Square and Third Point, two listed hedge funds run by high profile US hedge fund managers (Bill Ackman and Dan Loeb), which were discussed a couple of weeks ago in the editor's notebook. Both trusts have expressed their concern at the high discounts at which the shares in...