Bill Ackman

Sure. Actually, it was the first investment book I read. And as such, it was kind of the inspiration for my career and a lot of my life. So important book. Bear in mind, this is sort of after the Great Depression. People lost confidence investing in markets, World War II. And then he writes this book. It's for like the average man.

Sure. Actually, it was the first investment book I read. And as such, it was kind of the inspiration for my career and a lot of my life. So important book. Bear in mind, this is sort of after the Great Depression. People lost confidence investing in markets, World War II. And then he writes this book. It's for like the average man.

Sure. Actually, it was the first investment book I read. And as such, it was kind of the inspiration for my career and a lot of my life. So important book. Bear in mind, this is sort of after the Great Depression. People lost confidence investing in markets, World War II. And then he writes this book. It's for like the average man.

And basically he says that you have to understand the difference between price and value, right? Price is what you pay. Value is what you get. And he said the stock market is here to serve you. And it's a bit like the neighbor that comes by every day and makes you an offer for your house. Makes you a stupid offer, you ignore it. Makes you a great offer, you can take it.

And basically he says that you have to understand the difference between price and value, right? Price is what you pay. Value is what you get. And he said the stock market is here to serve you. And it's a bit like the neighbor that comes by every day and makes you an offer for your house. Makes you a stupid offer, you ignore it. Makes you a great offer, you can take it.

And basically he says that you have to understand the difference between price and value, right? Price is what you pay. Value is what you get. And he said the stock market is here to serve you. And it's a bit like the neighbor that comes by every day and makes you an offer for your house. Makes you a stupid offer, you ignore it. Makes you a great offer, you can take it.

And that's the stock market. And the key is to figure out what something's worth. And you have to kind of weigh it. He talked about the difference between, you know, he said the stock market in the short term is a voting machine. It represents speculative interests, you know, supply and demand of people in the short term.

And that's the stock market. And the key is to figure out what something's worth. And you have to kind of weigh it. He talked about the difference between, you know, he said the stock market in the short term is a voting machine. It represents speculative interests, you know, supply and demand of people in the short term.

And that's the stock market. And the key is to figure out what something's worth. And you have to kind of weigh it. He talked about the difference between, you know, he said the stock market in the short term is a voting machine. It represents speculative interests, you know, supply and demand of people in the short term.

But in the long term, the stock market's a weighing machine, much more accurate. It's going to tell you what something's worth. And so if you can divine what something's worth, then you can really take advantage of the market because it's really here to help you. And that's kind of the message of the book.

But in the long term, the stock market's a weighing machine, much more accurate. It's going to tell you what something's worth. And so if you can divine what something's worth, then you can really take advantage of the market because it's really here to help you. And that's kind of the message of the book.

But in the long term, the stock market's a weighing machine, much more accurate. It's going to tell you what something's worth. And so if you can divine what something's worth, then you can really take advantage of the market because it's really here to help you. And that's kind of the message of the book.

Yeah, speculation is just a bit like buying, trading crypto, right? Strong words. Well, short-term trading crypto. Maybe in the long run, there's intrinsic value. But many investors in a bubble going into the crash were really just pure speculators. They didn't know what things were worth. They just knew they were going up. That's speculation.

Yeah, speculation is just a bit like buying, trading crypto, right? Strong words. Well, short-term trading crypto. Maybe in the long run, there's intrinsic value. But many investors in a bubble going into the crash were really just pure speculators. They didn't know what things were worth. They just knew they were going up. That's speculation.

Yeah, speculation is just a bit like buying, trading crypto, right? Strong words. Well, short-term trading crypto. Maybe in the long run, there's intrinsic value. But many investors in a bubble going into the crash were really just pure speculators. They didn't know what things were worth. They just knew they were going up. That's speculation.

And investing is doing your homework, digging down, understanding a business, understanding the competitive dynamics of an industry, understanding what management's going to do, understanding what price you're going to pay. The value of anything, I would say, other than love, let's say, is the present value of the cash you can take out of it over its life.

And investing is doing your homework, digging down, understanding a business, understanding the competitive dynamics of an industry, understanding what management's going to do, understanding what price you're going to pay. The value of anything, I would say, other than love, let's say, is the present value of the cash you can take out of it over its life.

And investing is doing your homework, digging down, understanding a business, understanding the competitive dynamics of an industry, understanding what management's going to do, understanding what price you're going to pay. The value of anything, I would say, other than love, let's say, is the present value of the cash you can take out of it over its life.

Now, some people think about love that way, but it's not the right way to think about love. Investing is about basically building a model of what this business is going to produce over its lifetime.

Now, some people think about love that way, but it's not the right way to think about love. Investing is about basically building a model of what this business is going to produce over its lifetime.