Bill Ackman on His Investing Playbook, His Bullish and Bearish Bets, and What Could Trigger the Next 2008
7/20/202648 min
Bill Ackman built one of the most closely watched hedge funds on Wall Street; when he speaks, markets move. Literally. Today, he joins Nicole to break down the opportunities he’s seeing in the market, which companies are in his portfolio, and what could trigger the next 2008.
Bill walks Nicole through his investing playbook, the biggest mistake new investors make, and whether we’re in an AI bubble. Then, Nicole and Bill play a rapid-fire round of Bullish or Bearish where Bill gives his takes on gold, Bitcoin, Chipotle, Starbucks, T-bills, Trump, and Mamdani. Bill also gets personal about his inheritance plans for his four daughters, what he actually thinks makes someone successful in business, and whether he would run for office.
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Learn about Pershing Square
Here's what Nicole covers with Bill:
00:00 Are You Ready for Some Money Rehab?
01:14 Bill Ackman on the State of the Economy Right Now
03:00 Who Wins the AI Race: OpenAI vs. Anthropic vs. SpaceX
04:31 Why a Great Business Is Like a Bond
05:56 Is the Stock Market Too Expensive Right Now?
07:01 Where to Put Your First $1,0000
7:39 Inside Pershing Square's 12-15 Stock Portfolio
09:22 Democratizing Hedge Funds with PSUS
10:39 Buying Stocks at a Discount
11:18 Apple's Innovation Problem and Life After the iPhone
12:33 The Best Advice for New Investors
14:06 Are We in an AI Bubble?
16:46 Predicting the Future and the Next Financial Crisis
17:52 Why You Should Never Borrow Against Your Stocks
19:20 Carl Icahn's Billion-Dollar Leverage Cautionary Tale
20:16 The Worst Investing Advice He's Ever Heard
23:00 Fixing the Retirement Crisis
25:48 Bullish or Bearish: Gold, Bitcoin, Chipotle, Starbucks, Trump and Mamdani
33:30 What It's Like When Your Tweets Move Markets
35:15 Would Ackman Ever Run for Mayor of NYC?
38:01 The World He Wants for His Four Daughters (and His Inheritance Plan)
42:25 The Real Formula for Success in Business
44:21 Bill Ackman's Tip You Can Take Straight to the Bank
All investing involves the risk of loss, including loss of principal. This podcast is for informational purposes only and does not constitute financial, investment, or legal advice. Always do your own research and consult a licensed financial advisor before making any financial decisions or investments.
Clips
Transcript preview
First 90 secondsBill Ackman· Guest0:00
The key to being a s- successful long-term investor is being able to survive those kind of challenging market periods when everyone else is panicking. In fact, you wanna have money to invest when others are panicking.
Nicole Lapin· Host0:09
Bill Ackman doesn't just manage a portfolio. As the founder of Pershing Square, he has built one of the most closely watched hedge funds on Wall Street. When this guy tweets, he literally moves markets. Today, he tells me the biggest tip for investors.
Bill Ackman· Guest0:24
Invest in something that you believe will withstand the test of time. The value of a business is the present value of the cash it generates over its life.
Nicole Lapin· Host0:32
The macroeconomic risks he's worried about.
Bill Ackman· Guest0:34
I think the biggest risk to markets is that there are a lot of very levered players in the market, and we're at risk to some kind of extrinsic shock, and that could-- stocks to go down a lot.
Nicole Lapin· Host0:43
And which company will win the AI race.
Bill Ackman· Guest0:45
Some people are afraid of AI. They think it's gonna be very destructive to jobs and so on. I think it will be a-- actually a big driver of economic growth, big driver of job growth, but you have to learn how to use the tools.
Nicole Lapin· Host0:54
I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. It's time for some Money Rehab. [upbeat music] Bill Ackman, welcome to Money Rehab.
Bill Ackman· Guest1:12
Thanks for having me.
Nicole Lapin· Host1:12
So the economy feeling funky, but to be fair, it always feels a little bit funky. I don't think there's ever been a time it hasn't. What's your overall take on what's going on in the economy and markets right now?
Bill Ackman· Guest1:24
So I think it's a unusual time in history. I think the big story is really AI. AI is driving