Bill Ackman: belief

Transcript context

…But I would say I do, and by the way, if anyone’s ever interested in a fund, they should always read the prospectus carefully, including the risk factors. That’s very, very important. But I like the idea of democratizing access to good investors, and I think that’s an interesting trend. So we want to be part of that trend. In terms of financial markets, generally the economy, a lot is going to depend upon the next leader of the country. So we’re kind of right back there. The leadership of the United States is important for the US economy. It’s important for the global economy, it’s important for global peace, and we’ve gone through a really difficult period, and it’s time. We need a break. But look, I think the United States is an incredibly resilient country. We have some incredible moats among them. We have the Atlantic and the Pacific, and we have peaceful neighbors to the north and the South. We’re an enormously rich country. Capitalism still works effectively here. I get optimistic about the world when I talk to my friends who are either venture capitalists or my hobby of backing these young entrepreneurs. I talked to a founder of a startup, if you want to get optimistic about the world. So I think technology is going to save us. I think AI, of course, has its frightening, Terminator-like scenarios. But I’m going to take the opposite view that this is going to be a huge enabler of productivity, scientific discovery, drug discovery, and it’s going to make us healthier, happier, and better. So I do think the internet revolution had a lot of good, obviously some bad. I think the AI revolution’s going to be similar, but we’re at this other really interesting juncture in the world with technology, and we’re going to have to use it for our good. On the media front, I’m happy about X, and I think Elon’s going to be successful here. I think advertisers will realize it’s a really good platform. The best way to reach me, if you want to sell something to me, I’ve actually bought stuff on some ads in X. I don’t remember the last time I responded to a direct response advertising. In terms of my business, I have an incredible team. It’s tiny. We’re one of the smallest firms relative to the assets we manage. It’s a bit like the Navy SEALs, not the US Army. We have only 40 people at Pershing Square. So it’s a tight team. I think we’ll do great things. I think we’re early on my ambitions investment-wise, I’ve always said I’d like to have a record as good as Warren Buffett’s. The problem is, each year he adds on another year. k we’ll do great things. I think we’re early on my ambitions investment-wise, I’ve always said I’d like to have a record as good as Warren Buffett’s. The problem is, each year he adds on another year. He’s now in his 93rd year. So I’ve got 36 more years to just get where he is, and I think he’s going to add a lot more years. I’m excited about seeing what Neri is going to produce. She’s building an incredible company. They’re trying to solve a lot of problems with respect to products and buildings and their impact on the environment. Her vision is how do we design products that by virtue of the product’s existence, the world is a better place. Today, her world is a world where the existence of the new car actually is better for the environment than if the new car hadn’t existed. And think about that in every product scale, that’s what she’s working on. I don’t want to give away too much, but you’re going to see some early examples of what she’s working on. So again, I get excited about the future and crises are sort of a terrible thing to waste. And we’ve had a number of these here. I think this disaster in the Middle East, my prediction is the next few months, this war will largely be over in terms of getting rid of Hamas. I think I can envision a world in which Saudi Arabia, some of the other Gulf states come together, take over the governance and reconstruction of Gaza. Security guarantees are put in place. The Abraham Accords continue to grow. A deal is made. Terrorists are ostracized that this October 7th experience on the Harvard, Penn, MIT, Columbia, unfortunately, other campuses is a wake-up call for universities. Generally, people see the problems with DEI, but understand the importance of diversity and inclusion, but not as a political movement, but as a way that we return to a meritocratic world where someone’s background is relevant in understanding their contribution, but we don’t have race quotas and things that were made illegal years ago actually being implemented in organizations on campus. So I think there’s, if we can go through a corrective phase, and I’m an optimist and I hope we get there. So you have hope for the entirety of it, even for Harvard.…

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