Bill Ackman

Sure. So it's a business we've admired as a firm for, you know, whatever, 15 years, but rarely got to a price that we felt we could own it because again, the expectations were so high and price really matters. And really the sort of AI scare, I would call it. You know, Microsoft comes out with ChatGPT. They do an amazing demonstration. People like this most incredible product.

Sure. So it's a business we've admired as a firm for, you know, whatever, 15 years, but rarely got to a price that we felt we could own it because again, the expectations were so high and price really matters. And really the sort of AI scare, I would call it. You know, Microsoft comes out with ChatGPT. They do an amazing demonstration. People like this most incredible product.

Sure. So it's a business we've admired as a firm for, you know, whatever, 15 years, but rarely got to a price that we felt we could own it because again, the expectations were so high and price really matters. And really the sort of AI scare, I would call it. You know, Microsoft comes out with ChatGPT. They do an amazing demonstration. People like this most incredible product.

And Google, which had been working on AI even earlier, obviously than Microsoft. Microsoft was behind in AI. It was really their ChatGPT deal that gave them a kind of a market presence.

And Google, which had been working on AI even earlier, obviously than Microsoft. Microsoft was behind in AI. It was really their ChatGPT deal that gave them a kind of a market presence.

And Google, which had been working on AI even earlier, obviously than Microsoft. Microsoft was behind in AI. It was really their ChatGPT deal that gave them a kind of a market presence.

um and then google does this fairly disastrous uh demonstration of bard and the world says oh my god google's fallen behind in ai ai is the future stock gets crushed google gets to a price around 15 times earnings uh which for a business of this quality is an extremely extremely low price and our view on google one way to think about it when a business becomes a verb

um and then google does this fairly disastrous uh demonstration of bard and the world says oh my god google's fallen behind in ai ai is the future stock gets crushed google gets to a price around 15 times earnings uh which for a business of this quality is an extremely extremely low price and our view on google one way to think about it when a business becomes a verb

um and then google does this fairly disastrous uh demonstration of bard and the world says oh my god google's fallen behind in ai ai is the future stock gets crushed google gets to a price around 15 times earnings uh which for a business of this quality is an extremely extremely low price and our view on google one way to think about it when a business becomes a verb

That's usually a pretty good sign about the mode around the business. So, you know, you'd open your computer and you open your search and very high percentage of the world starts with a Google page and a one line where you type in your search. You know, the Google advertising search YouTube franchise is one of the most dominant franchises in the world.

That's usually a pretty good sign about the mode around the business. So, you know, you'd open your computer and you open your search and very high percentage of the world starts with a Google page and a one line where you type in your search. You know, the Google advertising search YouTube franchise is one of the most dominant franchises in the world.

That's usually a pretty good sign about the mode around the business. So, you know, you'd open your computer and you open your search and very high percentage of the world starts with a Google page and a one line where you type in your search. You know, the Google advertising search YouTube franchise is one of the most dominant franchises in the world.

Very difficult to disrupt, extremely profitable. The world is moving from offline advertising to online advertising, and that trend, I think, continues. Why? Because you can actually see whether your ads work. You know, they used to say about advertising, you know,

Very difficult to disrupt, extremely profitable. The world is moving from offline advertising to online advertising, and that trend, I think, continues. Why? Because you can actually see whether your ads work. You know, they used to say about advertising, you know,

Very difficult to disrupt, extremely profitable. The world is moving from offline advertising to online advertising, and that trend, I think, continues. Why? Because you can actually see whether your ads work. You know, they used to say about advertising, you know,

You spend a fortune and you just don't know which 50% of it works, but you just sort of spend the money because you know ultimately that's going to bring in the customer. And now with online advertising, you can see with granularity which dollars I'm spending.

You spend a fortune and you just don't know which 50% of it works, but you just sort of spend the money because you know ultimately that's going to bring in the customer. And now with online advertising, you can see with granularity which dollars I'm spending.

You spend a fortune and you just don't know which 50% of it works, but you just sort of spend the money because you know ultimately that's going to bring in the customer. And now with online advertising, you can see with granularity which dollars I'm spending.

When people click on the search term and end up buying something and I pay, it's a very high return on investment for the advertiser and they really dominate that market. Now, AI, of course, is a risk. If all of a sudden people start searching or asking questions of ChatGPT and don't start with the Google search bar, that's a risk to the company.

When people click on the search term and end up buying something and I pay, it's a very high return on investment for the advertiser and they really dominate that market. Now, AI, of course, is a risk. If all of a sudden people start searching or asking questions of ChatGPT and don't start with the Google search bar, that's a risk to the company.