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 over the last 12 months — 1 in all, peaking in Aug 2026 with 1.

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Well, about a third of our capital was in this permanent capital vehicle, Pershing Square Holdings.

We had basically $4 billion in Pershing Square Holdings, even at the bottom being down 30 or so percent.

And I said, look, if all of the investor capital leaves and our open-ended funds, now we have permanent capital.

We'll have 100% permanent capital.

It's a much better base to build a building off of.

So I brought all the employees together and I said, look, it's not permanent capital simply because it's a public company.

It's permanent capital

only when you own enough of the stock.

So this was the time where I decided to borrow some money, which I did.

I borrowed $300 million.

I believe that's the case.

And I used that plus some capital I took out of the hedge fund to buy enough of a stake of our public vehicle so that it became permanent capital.

And then I called all the employees together and I said, we are better positioned today than at any time in our history.

We have the holy grail.

We have permanent capital.

All we need to do is stick to our core principles, work hard, and we're going to compound our way out of this mess.

And then we also have to treat all our investors fairly.

Everyone wants their money, can have their money.

100% believe that.

And it was true.

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