During their recent episode, Taylor, Carlisle, and Rudy Havenstein discussed The Fed’s Real Priorities and Bailouts. Here’s an excerpt from the episode: Rudy: So, you don’t think they were calling Powell and telling him, you need to bail out Citadel? You need to make sure that Magellan’s funds don’t go … Read More
Bill Ackman on Investing, Harvard, and Lessons from Valeant
In a revealing interview with Forbes, billionaire investor Bill Ackman shared his investment philosophy, career-defining challenges, and surprising views on higher education. Ackman’s approach centers on identifying “super durable companies” with irreplicable advantages. “The value of a financial asset is the present value of the cash it generates over its … Read More
Bill Ackman: Owning Royalty Collecting Companies, and the Power of Perspective
“Success is not a straight line up,” Bill Ackman told the UBS audience during this year’s Berkshire Hathaway Fireside Chat. “You’re almost guaranteed to fail over the course of your life and it’s how you respond to failure that determines your success.” Ackman, always frank, spoke openly about lessons learned … Read More
Bill Ackman’s Modern-Day Berkshire Ambition
At the Milken Conference, Pershing Square’s Bill Ackman sat down with Yahoo Finance to discuss what he calls a “very significant change in strategic direction”: a $900 million investment in Howard Hughes Corporation. But this wasn’t just another deal—it’s the culmination of a long-term vision that draws clear inspiration from … Read More
Bill Ackman: Compounding, Hedging, and Quality Over Everything
As someone who’s read hundreds of shareholder letters over the years, I can confidently say Bill Ackman writes some of the best. His 2020 annual letter for Pershing Square Holdings is no exception—equal parts performance report, investment philosophy, and storytelling. The headline numbers alone demand a closer look: a 70.2% … Read More
Bill Ackman: When to Buy the Best Businesses (At the Right Price)
Bill Ackman’s investment philosophy comes down to a simple but powerful idea: find great businesses when they’re going through tough times, buy them at a discount, and help them get back on track. In an interview with Lex Fridman, he broke down exactly how he does this in straightforward terms … Read More
Bill Ackman: These Top 7 Positions Make Up 83.36% Of His Portfolio (Analysis)
Bill Ackman’s top 7 positions make up 83.36% of his current portfolio, with a strong concentration in Brookfield Corp (BN), which alone accounts for 15.89%. Below is an in-depth look at each holding, analyzing position size, value, percentage of portfolio, and recent changes. 1. Brookfield Corp (BN) Shares: 34,893,064 Value: … Read More
Bill Ackman: Building A Modern Day Berkshire Hathaway
Howard Hughes Corporation has long been an outlier in Bill Ackman’s portfolio. Unlike his usual large-cap investments, HHC is an undervalued real estate business with long-term potential that public markets have struggled to appreciate. But for Ackman, this company isn’t just another real estate play—it’s the foundation of a much … Read More
Bill Ackman: There Will Always Be A Place For Fundamental Investing
During this interview with the New York Times, Bill Ackman discusses the value of joining startups for business school graduates, citing it as the best time in history to gain practical skills like payroll management, product marketing, and design. He argues that even if a startup fails, the experience is … Read More
Bill Ackman: There’s One Strategy for Sustained High Investment Returns
In this interview with Reuters, Bill Ackman explains why he prefers concentrated investing, emphasizing the value of owning 10 to 11 exceptional investments instead of diversifying across many ideas. He believes great opportunities are rare, and focusing on fewer investments enhances potential returns. However, this approach often leads to more … Read More
Bill Ackman: How Ignoring My Own Rules Nearly Destroyed My Firm
During this interview with Lex Friedman, Bill Ackman recounts borrowing $300 million from JP Morgan during a financial crisis in his firm to buy stock in his public company, preventing an activist takeover. This decision, coupled with resolving his divorce and settling litigation, marked a turning point for his firm. … Read More
Bill Ackman – Top 10 Holdings – Latest 13F
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: How Index Funds Create Opportunities for Long-Term Investors
In his Pershing Square 2024 Interim Report, Bill Ackman highlights the increasing dominance of index funds, which act as permanent owners, in stock market capitalization. This shift amplifies the influence of short-term, highly leveraged investors, such as market-neutral and quantitative funds, on price discovery. These investors often use margin, derivatives, … Read More
Bill Ackman – Top 10 Holdings – Latest 13F
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: Value Investing: Lessons from Warren Buffett and Michael Porter
In this fireside chat at USB, Bill Ackman discusses the value of understanding the predictable nature of businesses, akin to bonds with varying coupons and no fixed maturity, emphasizing the higher worth of early years in a discounted cash flow analysis. Ackman, influenced by Warren Buffett, prioritizes investments in businesses … Read More
Bill Ackman – Top 10 Holdings – Latest 13F
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: From Penny Stock to $31: An Unconventional Turnaround Strategy
In this interview with Lex Fridman, Bill Ackman describes his experience turning around General Growth Properties through bankruptcy. He emphasizes the importance of independent analysis and learning the basics over relying solely on conventional wisdom and expertise. He highlights the positive outcome for all stakeholders involved and credits his success … Read More
Bill Ackman: Invest with Peace of Mind: Strategies for Emotional Resilience
In this interview with Lex Fridman, Bill Ackman explains that knowledge and confidence in investing take time. Accept that volatility is natural and learn to develop a “calloused” approach to market fluctuations. He also recommends building an emergency fund and avoiding debt so market volatility doesn’t impact your well-being. This … Read More
Bill Ackman: Successful Investing Requires A Private Equity Mindset in Public Markets
During his recent interview with David Rubenstein, Bill Ackman explained why successful investing requires a private equity mindset in public markets. Here’s an excerpt from the interview: Host: What type of people would get a job here? You’re looking for people who are really smart, good academic credentials, driven, what … Read More
Bill Ackman: Investors Should Focus On A Small Number Of High-Conviction Investments
In this interview at Delivering Alpha, Bill Ackman explains why he typically owns a small number of stocks but holds large positions in each one. This allows his fund to focus on its best ideas and have a significant impact on the companies it invests in. Here’s an excerpt from … Read More