Bill Ackman: Investment Strategy, What the Market is Missing, How AI Breaks Businesses
6/3/202630 min
(0:00) Bill Ackman joins the show!
(0:30) Evolving investment philosophy: What's changed over 20 years?
(4:40) AI: Greatest time to build a business, and a major threat to portfolios
(7:50) Predicting market moves, the "rubber band effect"
(16:00) Owning founder-led companies
(19:30) Building the next Berkshire Hathaway
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Transcript preview
First 90 secondsDavid Friedberg· Host0:00
One of the most provocative and interesting investors in the country A legendary activist investor Pershing Square CEO and founder, Bill Ackman.
Bill Ackman· Guest0:08
[upbeat music] Taking a short position and going public with it is a pretty serious business. Interestingly, some of the best businesses in the world are trading at the lowest multiples. We're kind of the rebirth of the closed-end investment company universe.
Jason Calacanis· Host0:21
What did you think of Sarah, the CEO of OpenAI? I'm sorry, CFO. Felt like the CEO.
Bill Ackman· Guest0:28
Yeah. I, I was, uh- Stop with that stuff. Uh, actually, I was super impressed. Uh, made me a lot more bullish on OpenAI, and I thought- Right? I thought she should be CEO of OpenAI.
Jason Calacanis· Host0:38
[laughs] That's what I thought.
Bill Ackman· Guest0:39
I think Sam should be- No, no offense to Sam.
Jason Calacanis· Host0:41
He's great ...
Bill Ackman· Guest0:41
I think Sam should be chair. I think he's much better- There, there was a question I wanted to ask her- Yeah ...
Chamath Palihapitiya· Host0:44
that we didn't get time, which was, what's it like working with Sam?
Jason Calacanis· Host0:46
I mean- I was- ... that could've been like- I was super, super impressed ... three hours in a documentary.
Bill Ackman· Guest0:51
[laughs] No.
Chamath Palihapitiya· Host0:52
I wanted to kick this off at... So thank you so much for being here. We've tried a number of times to get you to all in, and it's great to, to finally have you. You obviously are a legend that doesn't need much of an introduction. Lately, or in the, the last number of call it years or months or quarters or what have you, it seems like your investment philosophy may be changing. Your model, uh, where you've been activist and you've entered positions and exited positions, and lately you've talked a lot about more kind of permanent long-term holdings. Would love to hear a little bit about if that is actually a change and how your evolution and your investment model has kind of changed over, over time.
Bill Ackman· Guest1:27
Uh, sure. So I would say the biggest change over