Category Archive

Bill Ackman recently tweeted a thread explaining why there’s no buyers for stocks. Here’s an excerpt from the thread: Ackman: Inflation is out of control. Inflation expectations are getting out of control. Markets are imploding because investors are not confident that the federal reserve will stop inflation. If the Fed … Read More

In his latest Pershing Square shareholder letter, Bill Ackman explains why you should act quickly when you discover new information about your original investment thesis. Here’s an excerpt from the letter: We require a high degree of predictability in the businesses in which we invest due to the highly concentrated … Read More

In his latest 2021 Annual Letter, Bill Ackman discusses his ‘quieter’ approach to investing – Pershing Square 3.0. Here’s an excerpt from the letter: When we consider our history of corporate engagement, we have previously described two Pershing Square eras: (1) the initial period from our inception as Pershing Square … 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 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