Bill Ackman

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.

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.

It's very difficult to be rational. So key is getting yourself to a place where you're financially secure. You're not going to lose your house, right? That's a kind of a key thing. And then also doing your homework, you know, stock prices, stocks can trade at any price in the short term. And if you know what a business is worth and you understand the management, you know it extremely well.

It's very difficult to be rational. So key is getting yourself to a place where you're financially secure. You're not going to lose your house, right? That's a kind of a key thing. And then also doing your homework, you know, stock prices, stocks can trade at any price in the short term. And if you know what a business is worth and you understand the management, you know it extremely well.

It's very difficult to be rational. So key is getting yourself to a place where you're financially secure. You're not going to lose your house, right? That's a kind of a key thing. And then also doing your homework, you know, stock prices, stocks can trade at any price in the short term. And if you know what a business is worth and you understand the management, you know it extremely well.

It's not nearly as, it doesn't bother you when a stock price goes down or it has much less impact on you because you know, you know, again, as Mr. Graham said, you know, the short term, the market's a voting machine. You have a bunch of lemmings voting one direction. That's concerning.

It's not nearly as, it doesn't bother you when a stock price goes down or it has much less impact on you because you know, you know, again, as Mr. Graham said, you know, the short term, the market's a voting machine. You have a bunch of lemmings voting one direction. That's concerning.

It's not nearly as, it doesn't bother you when a stock price goes down or it has much less impact on you because you know, you know, again, as Mr. Graham said, you know, the short term, the market's a voting machine. You have a bunch of lemmings voting one direction. That's concerning.

But if it's a great business, doesn't have a lot of debt and people are going to just listen to more music next year than this year, you know, you're going to do well. So it's a bit some combination of being personally secure and also just knowing what you own. And over time, you build calluses, I would say.

But if it's a great business, doesn't have a lot of debt and people are going to just listen to more music next year than this year, you know, you're going to do well. So it's a bit some combination of being personally secure and also just knowing what you own. And over time, you build calluses, I would say.

But if it's a great business, doesn't have a lot of debt and people are going to just listen to more music next year than this year, you know, you're going to do well. So it's a bit some combination of being personally secure and also just knowing what you own. And over time, you build calluses, I would say.

I think so. I think, now I'm a pretty emotional person, I would say, or I feel pretty strong emotions, but not in investing. I'm remarkably immune to kind of volatility and that's a big advantage. And it took some time for me to develop that. So you weren't born with that, you think?

I think so. I think, now I'm a pretty emotional person, I would say, or I feel pretty strong emotions, but not in investing. I'm remarkably immune to kind of volatility and that's a big advantage. And it took some time for me to develop that. So you weren't born with that, you think?

I think so. I think, now I'm a pretty emotional person, I would say, or I feel pretty strong emotions, but not in investing. I'm remarkably immune to kind of volatility and that's a big advantage. And it took some time for me to develop that. So you weren't born with that, you think?

Yeah. And you just, it's a bit, again, I, you can learn a lot from other people's experience. It's one of the few businesses where you can learn an enormous amount by reading about other periods in history, you know, watch, you know, following Buffett's career, the mistakes he made. If you're investing a lot of capital, every one of your mistakes is gonna be big, right?

Yeah. And you just, it's a bit, again, I, you can learn a lot from other people's experience. It's one of the few businesses where you can learn an enormous amount by reading about other periods in history, you know, watch, you know, following Buffett's career, the mistakes he made. If you're investing a lot of capital, every one of your mistakes is gonna be big, right?

Yeah. And you just, it's a bit, again, I, you can learn a lot from other people's experience. It's one of the few businesses where you can learn an enormous amount by reading about other periods in history, you know, watch, you know, following Buffett's career, the mistakes he made. If you're investing a lot of capital, every one of your mistakes is gonna be big, right?

So we've made big mistakes. The good news is that the vast majority of things we've done have worked out really well. And so that also gives you confidence over time. But because we make very few investments, we own eight things today or seven companies of that matter. If we get one wrong, it's gonna be big news. And so the other nature of our business you have to be comfortable with

So we've made big mistakes. The good news is that the vast majority of things we've done have worked out really well. And so that also gives you confidence over time. But because we make very few investments, we own eight things today or seven companies of that matter. If we get one wrong, it's gonna be big news. And so the other nature of our business you have to be comfortable with

So we've made big mistakes. The good news is that the vast majority of things we've done have worked out really well. And so that also gives you confidence over time. But because we make very few investments, we own eight things today or seven companies of that matter. If we get one wrong, it's gonna be big news. And so the other nature of our business you have to be comfortable with