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.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.
Appearances
We gave people for free a piece of the management company.
Everything was going along swimmingly, at least in the business.
But we made a large investment, a passive investment, in a company called Valiant Pharmaceuticals.
And we had avoided healthcare and pharmaceuticals, really, the entire firm.
But we had gotten to know this management team in connection with the previous transaction.
We had made a lot of money, built confidence in the management team.
turned into a disastrous investment, there were actually questionable business practices that emerged and things you could certainly criticize management for.
And they had constructed a business that was not sufficiently robust, they use too much leverage in their, in their business model.
And we were a passive shareholder.
But I made the decision to join the board to try to fix the problem, the right answer probably would have been to sell to sell.
But by joining the board, it became now it became on our
But when you have an event like that, investors didn't actually initially kind of pull their money, but after 18 months of still dealing with that problem and then the Herbalife short, people started redeeming their capital.
And again, to the point of, I made it really in the beginning of the show, so to speak,
You know, a manager is only as good as his investors.
Once investors start heading for the hills, there is a bit of a lemming effect.
Investors are like, look, I don't want to be the last man standing.
And so you find yourself in a run of the bank, you know, type situation.
and where you're sort of forced to sell things.
People expect that you're going to be selling, so your stocks are going down, which hurts your performance, and you're a bit of a, I wouldn't quite call it a death spiral, but I'd say something pretty close, particularly for a concentrated manager.
And so how do we deal with that?
Showing 441–460 of 619 · page 23 of 31
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