Bill Ackman: belief

Transcript context

…Strong words. Well, short-term trading crypto. Maybe in the long run there’s intrinsic value, but many investors in a bubble going into the crash were really just pure speculators. They didn’t know what things were worth, they just knew they were going up. That’s speculation. And investing is doing your homework, digging down, understanding a business, understanding the competitive dynamics of an industry, understanding what management’s going to do, understanding what price you’re going to pay. The value of anything, I would say, other than love, let’s say, is the present value of the cash you can take out of it over its life. Now, some people think about love that way, but it’s not the right way to think about love. So investing is about basically building a model of what this business is going to produce over its lifetime. So how do you get to that, this idea called value investing? How do you get to the value of a thing? Even philosophically, value of anything really but we can just talk about the things that are on the stock market, companies.…

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