Bill Ackman on building the next Berkshire, AI & his next 10-bagger

Bill Ackman, founder of Pershing Square Capital Management, details his investment philosophy centered on identifying "super durable growth companies" with wide economic moats. He argues that the current AI boom represents a fundamental shift in compute demand rather than a speculative bubble, though he cautions against the risks of rapid, unregulated technological development. Ackman explains his transition from an activist investor to a more collaborative approach, highlighting the importance of maintaining high-conviction, concentrated portfolios. He discusses his strategic pivot toward building a "modern-day Berkshire Hathaway" using Howard Hughes as a vehicle, leveraging an insurance platform to invest float. Ackman emphasizes that individual investors hold a unique competitive advantage over institutional managers because they can maintain a long-term perspective, avoiding the short-term pressures that often force professional managers into suboptimal, reactive trades.