Bill Ackman, the activist hedge fund investor, is not known for specialising in the art of subtlety. If his unsuccessful attempts to wrangle Target into submission can be used as a gauge, that will continue to be the case.

Hard sell: Bill Ackman blames failure to get Target to sell its credit card arm on not going public sooner

Mr Ackman’s struggles with Target, the stylish discount US retailer and Wal-Mart competitor, started in 2007 with an effort to convince Target to sell its credit card business.