Bill Ackman: evaluation

Transcript context

…Look, I think what I said at the time was the United States is actually a huge business. And it reminds me a bit of the type of activist investments we’ve taken on over time where this really, really great business has kind of lost its way. And with the right leadership, we can fix it. And if you think about the business of the United States today, right? You’ve got $32 trillion worth of debt over leveraged and or it’s highly leveraged, and the leverage is only increasing. We’re losing money, i.e., revenues aren’t covering expenses. The cost of our debt is going up as interest rates have gone up and the debt has to be rolled over. We have enormous administrative bloat in the country. The regulatory regime is incredibly complicated and burdensome and impeding growth. Our relations with our competitor nations and our friendly nations are far from ideal. And those conditions were present in 2020 as well. They’re just, I would say worse now. And I said, “Look, it’s a great thing that we have a business man as president.” And in my lifetime was really the first businessman as opposed to, I mean, maybe Bush to some degree was a business person, but I thought, “Okay, I always wanted the CEO to be CEO of America.” And now we have Trump said, “Look, he’s got some personal qualities that seem less ideal, but he’s going to be President of the United States. He’s going to rise to the occasion. This is going to be his legacy, and he knows how to make deals and he’s going to recruit some great people into his administration.” I hoped. And growth can solve a lot of our problems. So if we can get rid of a bunch of regulations that are holding back the country, we can have a president. Obama was a, I would say not a pro-business president. He did not love the business community. He did not love successful people. And having a president who just changed the tone on being a pro-business president, I thought it would be good for the country. And that’s basically what I said. And I would say Trump did a lot of good things and a lot of people, you can get criticized for acknowledging that, but I think the country’s economy accelerated dramatically. And that, by the way, the capitalist system helps the people at the bottom best when the system does well and when the economy does well. The black unemployment rate was the lowest in history when Trump was president, and that’s true for other minority groups. So he was good for the economy, and he recognized some of the challenges and issues and threats of China early. He kind of woke up NATO. Now, again, the way he did all this stuff you can object to, but NATO actually started spending more money on defense in the early part of Trump’s presidency because of his threats, which turned out to be a good thing in light of ultimately the Russia-Ukraine war. And I think if you analyze Trump objectively based on policies, he did a lot of good for the country. I think what’s bad is he did some harm as well. ing in light of ultimately the Russia-Ukraine war. And I think if you analyze Trump objectively based on policies, he did a lot of good for the country. I think what’s bad is he did some harm as well. I do think civility disappeared in America with Trump as president. A lot of that’s his personal style. And how important is civility? I do think he was attacked very aggressively by the left, by the media that made him paranoid. It probably interfered with his ability to be successful. He had the Russian collusion investigation overhang, and when someone’s attacked, they’re not going to be at their best, particularly if they’re paranoid. I think there’s some degree of that, but I’m giving the best of defense of Trump. Just you look at how he managed his team, right? Very few people made it through the Trump administration without getting fired or quitting, and he would say they’re the greatest person in the world when he hired them, and they’re total disaster when he fired them. It’s not an inspiring way to be a leader and to attract really talented people. I think the events surrounding the election, I think January 6th, he could have done a lot more to stop a riot. I don’t consider it an insurrection, but a riot that takes place in our capitol. And where police officers are killed or die, commit suicide for failure as they sought it to do their job. He stepped in way too late to stop that. He could have stopped it early. Many of his words, I think, inspired people, some of whom with malintent to go in there and cause harm, and literally to shut down the government. There were some evil people unfortunately there. So he’s been a very imperfect president and also I think contributed to the extreme amount of divisiveness in our country. So I was ultimately disappointed by the note of optimism. And again, I always support the president. I trust the people ultimately to select our next leader. It’s a bit like who wants to be a millionaire? When you go to the crowd and the crowd says a certain thing, you got to trust the crowd. But usually in who wants to be a millionaire, it’s a landslide in one direction. So you know which letter to pick. Here, we had an incredibly close election, which itself is a problem. So my dream and what I’ve tried a little bit, played politics in the last little period to support some alternatives to Trump so that we have a president. I use the example, imagine you woke up in the morning, it’s election day, whatever it is, this November 4th, whatever, 2024, and you still haven’t figured out who to vote for because the candidates are so appealing that you don’t know which lever to pull because it’s a tough call. That’s the choice we should be making as Americans. It shouldn’t be, I’m a member of this party and I’m only going to vote this way. I’m a member of that party going to vote the other way and I hate the other side. And that’s where we’ve been, unfortunately for too long. Or you might be torn because both candidates are not good.…

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