Bill Ackman
speaker
619 appearances
1 recordings
1 series
first heard Aug 2026
last heard 5 Aug
Bill Ackman’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.
Appearances
Now, Pershing Square, why did we take the management company public?
The answer is I think we want the business to exist well beyond the existing, you know, I'd like it to survive me.
And the public markets are a way to increase the likelihood that a business survives for the very long term.
So it was not a liquidity event.
No employee received any cash as part of this.
In fact, I actually invested in the IPO after the stock started trading, but we set up the business so that I think it has a higher likelihood of existing forever.
And also we've done it at a time where unlike it's not at a trillion dollar valuation, there's still plenty of room for kind of growth.
The other company we took public was another permanent capital vehicle, a US one called Pershing Square USA.
I would say our failure here to date is we haven't done a good job telling the world about it.
But it is, I would argue, one of the best opportunities, certainly in the hedge fund space.
It's a liquid hedge fund that has an excellent 19% compounded record for the last 22 years.
And it charges the lowest fees of any hedge fund in the world.
A 2% fee, typical hedge fund might be 2% plus 20% of the profits every year.
trading as a result of our not having done a good job marketing yet, although that's going to be a full court press for us, at about a 20 plus percent discount to the underlying value of the assets.
So if you like Uber today at $71 a share, you'd like it more at a 20 percent discount to that price, you can buy Uber in effect through this vehicle.
So we're going to be announcing earnings in mid-August.
And as part of that, we're going to take people through the portfolio, our logic.
But I think that's an interesting company.
But the
The thesis behind doing two IPOs is as an incentive to invest in this new permanent capital vehicle.
Showing 421–440 of 619 · page 22 of 31
← Previous
Next →