The partners' letter claims that Ron Johnson, J.C. Penney's new CEO, is "the best retail CEO in the world, bar none," hence their continued long position in the stock. Additional News: Hedge Fund Reallocation to Come in 2012? Additional Views: 5 Stocks Hedge Funds Favor for 2012  CNBC Data Pages:  Disclosures: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks. Disclaimer