Bill Ackman

That's compared to what you can earn lending your money to the government, 4%. That's a very attractive going in yield. And then there's all kinds of what we call optionality in all the various businesses and investments they've made that are losing money. They've got a cloud business that's growing very rapidly, but they're investing basically 100% of the profits from that business in growth.

That's compared to what you can earn lending your money to the government, 4%. That's a very attractive going in yield. And then there's all kinds of what we call optionality in all the various businesses and investments they've made that are losing money. They've got a cloud business that's growing very rapidly, but they're investing basically 100% of the profits from that business in growth.

So you're in that earnings number, you're not seeing any earnings from the cloud business. And they're one of the top cloud players. So very interesting, generally well-managed company with incredible assets and resources and dominance. And it has no debt. It's got a ton of cash. And so pretty good story.

So you're in that earnings number, you're not seeing any earnings from the cloud business. And they're one of the top cloud players. So very interesting, generally well-managed company with incredible assets and resources and dominance. And it has no debt. It's got a ton of cash. And so pretty good story.

So you're in that earnings number, you're not seeing any earnings from the cloud business. And they're one of the top cloud players. So very interesting, generally well-managed company with incredible assets and resources and dominance. And it has no debt. It's got a ton of cash. And so pretty good story.

Absolutely. That's a great question. Business investing is about finding companies that can't be disrupted. AI is the ultimate disruptible asset or technology. And that's what makes investing treacherous is that you own a business that's enormously profitable, management gets, if you will, fat and happy. And then a new technology emerges that just takes away all their profitability.

Absolutely. That's a great question. Business investing is about finding companies that can't be disrupted. AI is the ultimate disruptible asset or technology. And that's what makes investing treacherous is that you own a business that's enormously profitable, management gets, if you will, fat and happy. And then a new technology emerges that just takes away all their profitability.

Absolutely. That's a great question. Business investing is about finding companies that can't be disrupted. AI is the ultimate disruptible asset or technology. And that's what makes investing treacherous is that you own a business that's enormously profitable, management gets, if you will, fat and happy. And then a new technology emerges that just takes away all their profitability.

And AI is this incredibly powerful tool, which is why every business is saying, how can I use AI in my business to make us more profitable, more successful, grow faster, and also disrupt or protect ourself from the, you know, the incomings. You know, it's a bit like, you know, Buffett talks about technology.

And AI is this incredibly powerful tool, which is why every business is saying, how can I use AI in my business to make us more profitable, more successful, grow faster, and also disrupt or protect ourself from the, you know, the incomings. You know, it's a bit like, you know, Buffett talks about technology.

And AI is this incredibly powerful tool, which is why every business is saying, how can I use AI in my business to make us more profitable, more successful, grow faster, and also disrupt or protect ourself from the, you know, the incomings. You know, it's a bit like, you know, Buffett talks about technology.

A great business like a castle surrounded by this really wide moat, but you have all these barbarians trying to get in and steal the princess. And it happens. Kodak, for example, was an amazing, incredibly dominant company until it disappeared. Polaroid, this incredible technology. And that's why we have tended to stay away from companies that are technology companies.

A great business like a castle surrounded by this really wide moat, but you have all these barbarians trying to get in and steal the princess. And it happens. Kodak, for example, was an amazing, incredibly dominant company until it disappeared. Polaroid, this incredible technology. And that's why we have tended to stay away from companies that are technology companies.

A great business like a castle surrounded by this really wide moat, but you have all these barbarians trying to get in and steal the princess. And it happens. Kodak, for example, was an amazing, incredibly dominant company until it disappeared. Polaroid, this incredible technology. And that's why we have tended to stay away from companies that are technology companies.

Because technology companies, generally, the world is such a dynamic place that someone's always working on a better version. And, you know, Kodak was caught up in the analog film world. And then the world changed.

Because technology companies, generally, the world is such a dynamic place that someone's always working on a better version. And, you know, Kodak was caught up in the analog film world. And then the world changed.

Because technology companies, generally, the world is such a dynamic place that someone's always working on a better version. And, you know, Kodak was caught up in the analog film world. And then the world changed.

I think you've seen a lot of that in the last year. And I would say some combination of embarrassment and pride are huge motivators for everyone from Sergey Brin to the management of the company.

I think you've seen a lot of that in the last year. And I would say some combination of embarrassment and pride are huge motivators for everyone from Sergey Brin to the management of the company.

I think you've seen a lot of that in the last year. And I would say some combination of embarrassment and pride are huge motivators for everyone from Sergey Brin to the management of the company.