Category Archive

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his recent letter to investors regarding his purchase of 3.1 million shares in Netflix, Bill Ackman provided some lessons in asymmetric hedging. Here’s an excerpt from the letter: In order to fund our purchase of Netflix, beginning on Friday and over the last few days, we unwound the substantial … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his latest interview with AJ Bell, Bill Ackman discusses how to hedge against outlier events. Here’s an excerpt from the interview: Ackman: A subset of the strategy is looking for risk in markets and trying to hedge those risks, and so the best evidence I can give is pre-financial … Read More

In his latest interview with Interactive Investor, Bill Ackman recommends investors own businesses with real pricing power. Here’s an excerpt from the interview: You want to own businesses that have pricing power. If inflation turns out to be a lot more durable than temporary. I think inflation expectation has changed … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his latest interview with the Fifth Avenue Synagogue, Bill Ackman discusses how he’s structured Pershing Square to be the same as Berkshire Hathaway. Here’s an excerpt from the interview: Ackman: One of the great advantages that Warren Buffett has is he manages a public company. Doesn’t have to worry … Read More

During his recent interview with Jamie Heller at the WSJ D.Live Conference, Bill Ackman discussed a number of topics including why companies get the shareholders they deserve. Here’s an excerpt from the interview: Ackman: You get the shareholders you deserve. If you have earnings guidance you’re going to have analysts … Read More

In his latest interview with Interactive Investor, Pershing Square’s Bill Ackman was asked about what attributes a stock must have to make it into his Pershing Square portfolio. Here’s an excerpt from the interview: Ackman: It’s got to be a business that we can predict what the business will look … Read More

In his latest 2020 Pershing Square Holdings Annual Report, Bill Ackman stresses PSH is not a conglomerate like Berkshire Hathaway. Here’s an excerpt from the letter: In this year’s Berkshire Hathaway annual letter, Warren Buffett writes about the “terrible reputation” that has been “earned” by conglomerates. He explains that this … Read More

In his recent interview with Stephen Fraidin at the Cadwalader Fifth Annual Finance Forum, Bill Ackman discussed a number of topics including his key takeaway from seventeen years of investing. Here’s an excerpt from the interview: Fraidan: We’ve now talked about a huge success, but you’ve often said that success … Read More

In the recently released Pershing Square Annual Investor Update, Bill Ackman disclosed that PSH returned 70.2% for 2020, compared to 18.4% for the S&P500: His biggest contribution came from Index CDS at 36.6%: His biggest detractor was Berkshire at (3.1%): His annual net returns have averaged 16.9% since inception, compared … Read More

In this interview with Reuters, Bill Ackman provides some great insights into why investors should remain concentrated and not diversify. Here’s an excerpt from that interview: I’ve always had the view that why not own the best ten or eleven investments as opposed to ideas twelve through twenty five, or … Read More

In his latest Q3 2020 earnings call, Bill Ackman discussed why he recommends investors focus on businesses that can survive the ‘great flood’. Here’s an excerpt from the call: Q: Do you anticipate looking at more defensive ideas in the near future to mitigate some of the risk along with … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

Here’s a great interview with Bill Ackman on Virtual Live with André Esteves in which he discusses a number of issues including how his investment criteria on potential investments has reversed over the last 20-30 years. Here’s an excerpt from the interview: Our biggest focus is around what I call business quality … Read More

During this interview at the Saïd Business School, University of Oxford Bill Ackman was asked who he thought was the best investor of all time and why. Here’s his response: I hate to be boring on this, I do think Buffett is the greatest investor and the reason why I … Read More

In this recent interview with David Rubenstein on Bloomberg Bill Ackman discussed the mistakes he made circa 2015/2016 which saw a significant drop off in his performance and how he turned it around. Here’s an excerpt from the interview: Q. So let’s talk about for a moment some of the … Read More