Bill Ackman

speaker

500 appearances 1 recordings 1 series first heard Jul 2026 last heard 20 Jul

Bill Ackman’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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So it's an incredible collection of assets run by, you know, the most talented technologist entrepreneur of our generation.

And I think the only question is just price.

At a trillion, wherever it is, six or seven, there's less upside than if you could buy for half that price.

But, you know, I wouldn't

The word is never bad against Eli.

So I think that SpaceX will be an incredibly important company over the next whatever period of time.

Now it's not in the Pershing Square portfolio because it doesn't have the degree of predictability that we're looking for.

We like businesses that sort of today, when you think about a business, a business, people think about stocks and bonds, right?

Bonds, you get paid a coupon, an interest rate, a couple of times a year.

And if it's a fixed rate bond, you're going to get your six or seven percent for sure.

And at the end of the life of the bond, you're going to get your principal as long as it's a credit worthy company.

A business is a bit like a bond as well, except the coupon, the interest payment is not known.

You have to estimate what it's going to be.

And the interest payment, a way to think about it, the way we think about companies is we think about the earnings as the sort of the yield ratio.

on the business.

So, you know, people talk about PE, right?

A stock's trading at a PE20.

Well, if you flip over the PE, it's a 5% earnings yield.

One way to think about it is you're investing in a company that's generating a 5% return on your investment today.

And the question is, is that 5% yield going to grow over time?

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