Bill Ackman On Activist Investing, The Economy, and Learning From Mistakes.
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Here's a summary and index:
Billionaire investor Bill Ackman, CEO of Pershing Square Capital, joins Julia La Roche on episode 100 for an exclusive and wide-ranging conversation.
In this episode, Ackman revisits the various eras of his investing career, from his first stock purchase as a Harvard Business School student to his bet against MBIA and his activist stake in Wendy's. He also discusses his transition to a "quieter" phase of activist investing and his foray into tech investing with the recent addition of Google's parent company, Alphabet.
Along the way, Ackman shares lessons and insights on a range of topics, including raising capital in the face of rejection, learning from mistakes, and the importance of optimism and free speech.
Ackman also provides an update on the macroeconomic outlook, shares his thoughts on the 2024 presidential election, discusses the recent regional banking crisis, and more.
0:00 Welcome Bill Ackman to the show
0:25 A 'self-study' in investing
1:30 The first stock Ackman purchased
4:00 Raising capital like 'blind dating'
5:45 Willingness to go against 'the system'
8:30 Origins of Ackman's persistence
9:20 Incentives drive human behavior
11:30 Learning from mistakes/failure
12:50 Optimism
15:05 Why Ackman/Pershing Square survived the challenging years
17:50 Codifying the 8 principles in stone
19:30 3 eras of Pershing Square
26:30 Rise of passive/indexing
31:10 Twitter/free speech
34:10 Macro assessment
35:30 Longer-term risks to the economy
37:45 2024 election
39:40 Would Ackman ever run for office?
41:10 Regional banks
43:00 Buying Google/impact of AI
48:06 $600 million to philanthropy
50:30 Parenting
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