Tag 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

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

In this presentation by Bill Ackman he discusses the reasons behind his failed investment in JC Penny. He also makes the point that successful investing involves making mistakes saying: A I said at the beginning, experiences, making mistakes, and learning from mistakes. Unfortunately as students you haven’t made many mistakes … Read More

In his latest earnings call on Wednesday Bill Ackman discussed the reasons why Pershing Square is selling its stake in Berkshire Hathaway. Here’s an excerpt from the call: Bill Ackman With that when why don’t we talk about Berkshire? And Ryan, why don’t you update our investors on investment in … Read More

Here’s a great interview with Bill Ackman on The Knowledge Project Podcast speaking about a number of really interesting topics including lessons he learned from Warren Buffett, saying: Question: What are some of the lessons that you’ve learned over the years from Warren Buffett and Charlie Munger? Ackman: So a … 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

Bill Ackman has just released his 2019 Annual Report in which he reported that during the year ended December 31, 2019, PSH’s NAV increased 58.1%, ending the year at $26.94 per share. Over the same period, the S&P 500 increased 31.5%. He also recommended that investors ignore price-earnings multiples in … Read More