Bill Ackman
speaker
1,217 appearances
6 recordings
6 series
first heard Feb 2024
last heard 3 Jun
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 — 2 in all, peaking in Jun 2026 with 2.
Appearances
So the most successful equity investment we've ever made is we bought this company called General Growth.
We bought the stock of a company going bankrupt.
Sort of the most contrarian investment you can make.
Stock went from, you know, $20 billion market cap to $100 million.
And we bought basically a third of the company or 27% of the company.
at $200 billion market cap, and there was 27 billion of debt.
And the bankruptcy emerged, and the strategy we said is, look, the assets are worth more than liabilities.
We're gonna do the first restructuring where the equity gets to keep their investment in the company.
Two years later, we emerged from chapter 11, the stock went from 34 cents to $34.
But part of the restructuring was spinning off this thing called Howard Hughes.
And it was really all of the junk that didn't belong in the company that the analysts hated.
And so we did it.
uh sort of an inadvertent investment and you know 15 years later we haven't really created much value with it so we said look we've got a you know the market doesn't like this thing the market a company has to earn a return in excess of its cost of capital in order for a stock to go up and the you know elon's done an amazing job keeping the cost of capital of his companies really low you know spacex goes public at a trillion 750 billion dollars will probably be the lowest cost of capital
equity capital transaction in the history of the world.
The problem with this company, because it's real estate, because it's development, because it's land ownership, the market says the cost of capital is really high and you can only earn a certain return of real estate.
So what we're doing is we're repurposing the real estate assets and we're transforming the company into a much higher returning kind of business.
Yeah.
I don't think markets have changed as a result of anything that's happened with me or follower growth on Twitter.
I think the Ryan Cohen guy, the GameStop guy, that is a change in markets when a stock can trade at a valuation well above its value simply on the personality and the ability to...
Vibes, vibes.
Showing 261–280 of 1,217 · page 14 of 61
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