Bill Ackman - Evolving Investment Playbook, From MBIA to Moats

About this episode

Bill Ackman discusses his investment journey and philosophy, highlighting key experiences and lessons learned throughout his career.

Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a permanent capi tal structure. He also unpacks his investment philosophy, the importance of durability and moats, and his team's approach to risk, activism, and concentrated investing. Along the way, Bill offers thoughts on AI, higher education, and what excites—and concerns—him about the future — and much more! Key Topics: ● Bill's near-death experience and early independence (2:19) ● Skills learned at Harvard and lessons from rowing and sales (3:50) ● Real estate foundation and Gotham Partners launch (6:44) ● Early credit derivative bet and discovery of MBIA issues (12:23) ● Formation and lessons from Pershing Square (19:02) ● The three eras of Pershing Square and the importance of permanent…

People in this episode

Hosts: Michael Mauboussin, Tano Santos

Guest: Bill Ackman

Topics covered

• investment philosophy
• risk management
• activism
• concentrated investing
• permanent capital structure
• durability and moats
• impact of AI

Keywords

• Bill Ackman
• Pershing Square
• investment strategy
• real estate finance
• activist investing
• MBIA
• Valeant
• permanent capital
• durable moats
• AI

Mentioned in this episode

Organizations: Pershing Square Capital Management, Columbia Business School, Gotham Partners, MBIA, Valeant

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