Bill Ackman

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.

Sure. So most of what I've learned in the investment business, I've learned from Warren Buffett. He's been my great professor of this business. My first book I read in the business was The Ben Graham Intelligent Investor. But fairly quickly, you get to learn about Warren Buffett. And I started by reading the Berkshire Hathaway annual reports.

Sure. So most of what I've learned in the investment business, I've learned from Warren Buffett. He's been my great professor of this business. My first book I read in the business was The Ben Graham Intelligent Investor. But fairly quickly, you get to learn about Warren Buffett. And I started by reading the Berkshire Hathaway annual reports.

Sure. So most of what I've learned in the investment business, I've learned from Warren Buffett. He's been my great professor of this business. My first book I read in the business was The Ben Graham Intelligent Investor. But fairly quickly, you get to learn about Warren Buffett. And I started by reading the Berkshire Hathaway annual reports.

And then I eventually got the Buffett partnership letters that you could see, which are an amazing read to go back to the mid 1950s and read what he wrote to his limited partners when he first started out and just follow that trajectory over a long period of time. So what's remarkable about him is one, duration, right? He's still at it at 93.

And then I eventually got the Buffett partnership letters that you could see, which are an amazing read to go back to the mid 1950s and read what he wrote to his limited partners when he first started out and just follow that trajectory over a long period of time. So what's remarkable about him is one, duration, right? He's still at it at 93.

And then I eventually got the Buffett partnership letters that you could see, which are an amazing read to go back to the mid 1950s and read what he wrote to his limited partners when he first started out and just follow that trajectory over a long period of time. So what's remarkable about him is one, duration, right? He's still at it at 93.

uh you know to uh you know takes a very long-term view um but a big thing that you learn from him investing requires this incredible dispassionate uh unemotional quality you have to be extremely economically rational uh which is not uh a basic it's not something you learn in the jungle you know i don't think it's something that you know

uh you know to uh you know takes a very long-term view um but a big thing that you learn from him investing requires this incredible dispassionate uh unemotional quality you have to be extremely economically rational uh which is not uh a basic it's not something you learn in the jungle you know i don't think it's something that you know

uh you know to uh you know takes a very long-term view um but a big thing that you learn from him investing requires this incredible dispassionate uh unemotional quality you have to be extremely economically rational uh which is not uh a basic it's not something you learn in the jungle you know i don't think it's something that you know

If you think about surviving the jungle, the lion shows up and everyone starts running, you run with them. That does not work well in markets. In fact, you generally have to do the opposite. When the lemmings are running over the cliff, that's the time where you're facing the other direction and you're running the other direction, i.e. you're stepping in, you're buying.

If you think about surviving the jungle, the lion shows up and everyone starts running, you run with them. That does not work well in markets. In fact, you generally have to do the opposite. When the lemmings are running over the cliff, that's the time where you're facing the other direction and you're running the other direction, i.e. you're stepping in, you're buying.

If you think about surviving the jungle, the lion shows up and everyone starts running, you run with them. That does not work well in markets. In fact, you generally have to do the opposite. When the lemmings are running over the cliff, that's the time where you're facing the other direction and you're running the other direction, i.e. you're stepping in, you're buying.

Stocks are really low prices. Buffett's been great at that and great at teaching about what he calls temperament, which is this sort of emotional or unemotional quality that you need to be able to dispassionately look at the world and say, okay, is this a real risk? Are people overreacting?

Stocks are really low prices. Buffett's been great at that and great at teaching about what he calls temperament, which is this sort of emotional or unemotional quality that you need to be able to dispassionately look at the world and say, okay, is this a real risk? Are people overreacting?

Stocks are really low prices. Buffett's been great at that and great at teaching about what he calls temperament, which is this sort of emotional or unemotional quality that you need to be able to dispassionately look at the world and say, okay, is this a real risk? Are people overreacting?

People tend to get excited about investments when stocks are going up and they get depressed when they're going down. I think that's just inherently human behavior. You have to reverse that. You have to get excited when things get cheaper, and you got to get concerned when things get more expensive.

People tend to get excited about investments when stocks are going up and they get depressed when they're going down. I think that's just inherently human behavior. You have to reverse that. You have to get excited when things get cheaper, and you got to get concerned when things get more expensive.

People tend to get excited about investments when stocks are going up and they get depressed when they're going down. I think that's just inherently human behavior. You have to reverse that. You have to get excited when things get cheaper, and you got to get concerned when things get more expensive.

I think it's something you kind of learn over time. A key success factor is you want to have enough money in the bank that you're going to survive, you know, regardless of what's going on with volatility in markets. You know, people who, one, you shouldn't borrow money. So if you borrow money, you own stocks on margin. Markers are going down and you have your livelihood at risk.