Bill Ackman

So as I like to say, incentives drive all human behavior. And that certainly applies in the business world. So understanding the people and what drives them and what the actual financial and other incentives of a business are very important part of the analysis for investing in a company. And you can learn a lot.

So as I like to say, incentives drive all human behavior. And that certainly applies in the business world. So understanding the people and what drives them and what the actual financial and other incentives of a business are very important part of the analysis for investing in a company. And you can learn a lot.

So as I like to say, incentives drive all human behavior. And that certainly applies in the business world. So understanding the people and what drives them and what the actual financial and other incentives of a business are very important part of the analysis for investing in a company. And you can learn a lot.

You know, I mentioned before, one great way to learn about a business is go back a decade and read everything that management has written about the business and see what they've done over time. See what they've said. You know, conference calls are actually, you know, relatively recent experiences. When I started in the business, there weren't conference call transcripts.

You know, I mentioned before, one great way to learn about a business is go back a decade and read everything that management has written about the business and see what they've done over time. See what they've said. You know, conference calls are actually, you know, relatively recent experiences. When I started in the business, there weren't conference call transcripts.

You know, I mentioned before, one great way to learn about a business is go back a decade and read everything that management has written about the business and see what they've done over time. See what they've said. You know, conference calls are actually, you know, relatively recent experiences. When I started in the business, there weren't conference call transcripts.

Now you have a written record of everything management has said in response to questions from analysts at conferences and otherwise. You learn a lot about people by listening to what they say, how they answer questions, and ultimately their track record for doing what they say they're going to do. Do they under-promise and over-deliver? Do they over-promise and under-deliver?

Now you have a written record of everything management has said in response to questions from analysts at conferences and otherwise. You learn a lot about people by listening to what they say, how they answer questions, and ultimately their track record for doing what they say they're going to do. Do they under-promise and over-deliver? Do they over-promise and under-deliver?

Now you have a written record of everything management has said in response to questions from analysts at conferences and otherwise. You learn a lot about people by listening to what they say, how they answer questions, and ultimately their track record for doing what they say they're going to do. Do they under-promise and over-deliver? Do they over-promise and under-deliver?

Do they say what they're going to do? Do they admit mistakes? Do they build great teams? Do people want to come work for them? Are they able to retain their talent? And then part of it is, how much are they running the business for the benefit of the business? How much are they running the business for the benefit of themselves? And that's kind of the analysis you do.

Do they say what they're going to do? Do they admit mistakes? Do they build great teams? Do people want to come work for them? Are they able to retain their talent? And then part of it is, how much are they running the business for the benefit of the business? How much are they running the business for the benefit of themselves? And that's kind of the analysis you do.

Do they say what they're going to do? Do they admit mistakes? Do they build great teams? Do people want to come work for them? Are they able to retain their talent? And then part of it is, how much are they running the business for the benefit of the business? How much are they running the business for the benefit of themselves? And that's kind of the analysis you do.

Sure. So... This very senior management matters enormously. You know, we use the Chipotle example. Steve L's great entrepreneur, business got to a scale he really couldn't run it. We recruited a guy named Brian, helped a company recruit a guy named Brian Nickel. And he was considered the best person in the quick service industry. He came in and completely rebuilt the company.

Sure. So... This very senior management matters enormously. You know, we use the Chipotle example. Steve L's great entrepreneur, business got to a scale he really couldn't run it. We recruited a guy named Brian, helped a company recruit a guy named Brian Nickel. And he was considered the best person in the quick service industry. He came in and completely rebuilt the company.

Sure. So... This very senior management matters enormously. You know, we use the Chipotle example. Steve L's great entrepreneur, business got to a scale he really couldn't run it. We recruited a guy named Brian, helped a company recruit a guy named Brian Nickel. And he was considered the best person in the quick service industry. He came in and completely rebuilt the company.

Actually, we moved the company. Chipotle was moved to California. And sometimes one way to redo the culture of a company is just to move it geographically. And then you can kind of reboot the business. But a great leader has great followership. You know, over the course of their career, they'll have a team they've built that will come follow them into the next opportunity.

Actually, we moved the company. Chipotle was moved to California. And sometimes one way to redo the culture of a company is just to move it geographically. And then you can kind of reboot the business. But a great leader has great followership. You know, over the course of their career, they'll have a team they've built that will come follow them into the next opportunity.

Actually, we moved the company. Chipotle was moved to California. And sometimes one way to redo the culture of a company is just to move it geographically. And then you can kind of reboot the business. But a great leader has great followership. You know, over the course of their career, they'll have a team they've built that will come follow them into the next opportunity.

But the key is, you know, really the top person matters enormously because and then it's who they recruit. You know, you recruit an A plus leader and they're going to recruit other A type people. You recruit a B leader, you're not going to recruit any great talent beneath them.

But the key is, you know, really the top person matters enormously because and then it's who they recruit. You know, you recruit an A plus leader and they're going to recruit other A type people. You recruit a B leader, you're not going to recruit any great talent beneath them.