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 months

Recordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 2.

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All-In with Chamath, Jason, Sacks & Friedberg · Bill Ackman: Investment Strategy, What the Market is Missing, How AI Breaks Businesses · 3 Jun 2026 podcast

And so actually one of our first investments was Wendy's International.

Wendy's owned Tim Hortons, the Canadian coffee and donut chain.

And the value of Tim Hortons was more than the entire value of Wendy's.

So we had this very simple idea.

Buy Wendy's, spin off Tim Hortons, double our money.

And we bought 10% of the company, and I called the CEO, and he didn't return my call.

And I called him again, he didn't return my call.

I literally couldn't get a return phone call from the beginning.

So we actually called a friend who worked at Blackstone, and Steve Schwartzman agreed to write a fairness opinion on what Wendy's would be worth if we spun off Tim Hortons.

We kind of mailed it in and filed it publicly, and six weeks later, they spun off Tim Hortons.

And then the CEO finally called me back, and he thanked me.

And he had gotten fired, but he thanked me because he had a huge exit package.

I was very happy.

But so in the beginning, we couldn't get a return phone call.

So we had to and we were small.

So we had to go to a conference and we had to do presentations and go on CNBC.

What happens over time is you join boards of directors and become known as an investor.

You know, we're kind of a constructive shareholder.

I know pretty much every CEO in S&P 500 either directly or one person removed.

And maybe I've aged a bit, but you build kind of a reputation.

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