#82 Bill Ackman: Getting Back Up

Bill Ackman, investor and CEO of Pershing Square Capital Management, discusses his investment philosophy, personal resilience, and economic outlook. Ackman emphasizes the importance of dealing with failure, drawing from his experiences of rebuilding after setbacks. He values independence, persistence, and philanthropy, inspired by John Rawls' Veil of Ignorance. Nutrition, exercise, and sleep are critical for managing stress and maintaining clarity. Ackman also touches on the role of ETFs in corporate governance, his investment decision-making process using Starbucks as an example, and his COVID-19 hedge strategy. He expresses concerns about the long-term economic impact of government debt and advocates for prudent financial management.

Outlines

Part 1: Resilience, Values, and Personal Philosophy

Part 2: Health, Habits, and Information Intake

Part 3: Investment Strategy and Portfolio Management

Part 4: Market Structure and Public Markets

Part 5: Short Selling and Market Integrity

Part 6: The Coronavirus Crisis and Hedging Strategy

Part 7: Economic Outlook and Future Trends

Part 8: Berkshire Hathaway and Buffett’s Influence

Part 9: Pershing Square’s Future and Regulatory Views

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Part 1: Resilience, Values, and Personal Philosophy

00:00Overcoming Failure as a Prerequisite for Success

Overcoming Failure as a Prerequisite for Success

00:42Introduction to Bill Ackman and Discussion Topics

Introduction to Bill Ackman and Discussion Topics

02:53Persistence, Philanthropy, and Rawls' Veil of Ignorance

Persistence, Philanthropy, and Rawls' Veil of Ignorance

05:06Independence as a Driver and Rebuilding After Business Reversals

Independence as a Driver and Rebuilding After Business Reversals

07:09Staying Balanced and Healthy Amidst Stress and Failure

Staying Balanced and Healthy Amidst Stress and Failure

09:29Plotting One Step at a Time and Maintaining Perspective

Plotting One Step at a Time and Maintaining Perspective

Part 2: Health, Habits, and Information Intake

12:12The Impact of Divorce and Nutritional Strategies

The Impact of Divorce and Nutritional Strategies

15:25Intermittent Fasting, Bedtime Routines, and Netflix Recommendations

Intermittent Fasting, Bedtime Routines, and Netflix Recommendations

16:30Information Intake: Traditional Media, Twitter, and Business Leaders

Information Intake: Traditional Media, Twitter, and Business Leaders

Part 3: Investment Strategy and Portfolio Management

18:26Sourcing Investment Ideas: Team Collaboration and Framework Setting

Sourcing Investment Ideas: Team Collaboration and Framework Setting

20:13Concentrated Portfolio Management and Quick Investment Decisions

Concentrated Portfolio Management and Quick Investment Decisions

22:05Investment Decision Process: Business Quality and Predictable Cash Flow

Investment Decision Process: Business Quality and Predictable Cash Flow

24:21Price vs. Value, Competitive Advantage, and Time Arbitrage

Price vs. Value, Competitive Advantage, and Time Arbitrage

Part 4: Market Structure and Public Markets

27:51The Role of ETFs and Index Funds: Governance and Commodity Business

The Role of ETFs and Index Funds: Governance and Commodity Business

30:31Say Technology and the Impact of Index Funds on Market Volatility

Say Technology and the Impact of Index Funds on Market Volatility

32:58Investing Heroes, Elon Musk, and Public vs. Private Company CEOs

Investing Heroes, Elon Musk, and Public vs. Private Company CEOs

35:51Transparency and Discipline in Public Companies

Transparency and Discipline in Public Companies

38:24Mark-to-Investment Evaluations and Funky Securities

Mark-to-Investment Evaluations and Funky Securities

Part 5: Short Selling and Market Integrity

40:05The Role of Short Selling: Essential Function and Crossing the Line

The Role of Short Selling: Essential Function and Crossing the Line

42:03Polarization, Herbalife, and Sharing Views Publicly

Polarization, Herbalife, and Sharing Views Publicly

Part 6: The Coronavirus Crisis and Hedging Strategy

44:44Coronavirus Concerns and Advocating for a Countrywide Shutdown

Coronavirus Concerns and Advocating for a Countrywide Shutdown

47:07The Coronavirus Hedge: Timing, Investment, and Bullish Message

The Coronavirus Hedge: Timing, Investment, and Bullish Message

51:25Long-Term Investing and the Decision to Hedge Instead of Sell

Long-Term Investing and the Decision to Hedge Instead of Sell

54:31Staff Reaction to the Hedge and Economic Implications

Staff Reaction to the Hedge and Economic Implications

58:21Credit Default Swaps and the Timing of the Hedge

Credit Default Swaps and the Timing of the Hedge

Part 7: Economic Outlook and Future Trends

1:00:34Economic Implications: Depression vs. Short-Term Shutdown

Economic Implications: Depression vs. Short-Term Shutdown

1:02:39Vaccine Development and the Reopening of the Economy

Vaccine Development and the Reopening of the Economy

1:04:30Real Estate and the Burden of Sovereign Debt

Real Estate and the Burden of Sovereign Debt

1:06:14Beating Back the Virus and the Role of Technology

Beating Back the Virus and the Role of Technology

1:07:24Global Collaboration and the Migration of Talent

Global Collaboration and the Migration of Talent

1:08:12Industries That Will Benefit and the Drawbacks of Working From Home

Industries That Will Benefit and the Drawbacks of Working From Home

1:09:18Handling Bailouts: Avoiding Structural Decline and Earning an Adequate Return

Handling Bailouts: Avoiding Structural Decline and Earning an Adequate Return

1:12:15The Future of Malls and the Desire for Human Connection

The Future of Malls and the Desire for Human Connection

1:14:44Financial Prudence and Over-Leveraging Corporate America

Financial Prudence and Over-Leveraging Corporate America

Part 8: Berkshire Hathaway and Buffett’s Influence

1:16:23Berkshire Hathaway and the Opportunity for Deployment

Berkshire Hathaway and the Opportunity for Deployment