Bill Ackman

By the way, there's much more information available today. When I was first investing, literally we had people faxing us documents from the SEC filings in Washington, D.C. Now everything's available online. Conference call transcripts are free. You have AI. You have unlimited access. data and all kinds of message boards and Reddit forums and things where people are sharing advice.

By the way, there's much more information available today. When I was first investing, literally we had people faxing us documents from the SEC filings in Washington, D.C. Now everything's available online. Conference call transcripts are free. You have AI. You have unlimited access. data and all kinds of message boards and Reddit forums and things where people are sharing advice.

And everyone has their own, by virtue of their career or experience, they'll know about an industry or a business. And that gives them, I would take advantage of your own competitive advantages.

And everyone has their own, by virtue of their career or experience, they'll know about an industry or a business. And that gives them, I would take advantage of your own competitive advantages.

And everyone has their own, by virtue of their career or experience, they'll know about an industry or a business. And that gives them, I would take advantage of your own competitive advantages.

If it's going to affect your experience, I wouldn't buy the stock.

If it's going to affect your experience, I wouldn't buy the stock.

If it's going to affect your experience, I wouldn't buy the stock.

I think recently, in the last couple of days, I read an article saying that more than 50% of the capital in the world today invests in the stock market's passive, indexed money. And that's the most passive form, right? So if you think about an index fund, a machine buys a fixed set of securities, right?

I think recently, in the last couple of days, I read an article saying that more than 50% of the capital in the world today invests in the stock market's passive, indexed money. And that's the most passive form, right? So if you think about an index fund, a machine buys a fixed set of securities, right?

I think recently, in the last couple of days, I read an article saying that more than 50% of the capital in the world today invests in the stock market's passive, indexed money. And that's the most passive form, right? So if you think about an index fund, a machine buys a fixed set of securities, right?

in certain proportion uh there's no human judgment at all and there's no real person behind it in a way they never take steps to improve a business they just quietly own securities what we do is we invest our capital in a handful of things we get to know them really really well because you're going to put 20 of your assets in something you need to know it really well but

in certain proportion uh there's no human judgment at all and there's no real person behind it in a way they never take steps to improve a business they just quietly own securities what we do is we invest our capital in a handful of things we get to know them really really well because you're going to put 20 of your assets in something you need to know it really well but

in certain proportion uh there's no human judgment at all and there's no real person behind it in a way they never take steps to improve a business they just quietly own securities what we do is we invest our capital in a handful of things we get to know them really really well because you're going to put 20 of your assets in something you need to know it really well but

Once you become a big holder and if you've got some thoughts on how to make a business more valuable, you can do more than just be a passive investor. So our strategy is built upon finding great companies in some cases that have lost their way and then helping them succeed. And we can do that with ideas from outside the boardroom. Sometimes we take a seat on a board or more than one.

Once you become a big holder and if you've got some thoughts on how to make a business more valuable, you can do more than just be a passive investor. So our strategy is built upon finding great companies in some cases that have lost their way and then helping them succeed. And we can do that with ideas from outside the boardroom. Sometimes we take a seat on a board or more than one.

Once you become a big holder and if you've got some thoughts on how to make a business more valuable, you can do more than just be a passive investor. So our strategy is built upon finding great companies in some cases that have lost their way and then helping them succeed. And we can do that with ideas from outside the boardroom. Sometimes we take a seat on a board or more than one.

And we work with the best management teams in the world to help these businesses succeed. So when I first went into this business, no one knew who we were. And we didn't have that much money. And so to influence what was, to us, a big company...

And we work with the best management teams in the world to help these businesses succeed. So when I first went into this business, no one knew who we were. And we didn't have that much money. And so to influence what was, to us, a big company...

And we work with the best management teams in the world to help these businesses succeed. So when I first went into this business, no one knew who we were. And we didn't have that much money. And so to influence what was, to us, a big company...