Bill Ackman

uh we had to make a fair bit more noise right so we would buy a stake we'd announce it publicly we'd attempt to engage with management the first activist investment we made at persian square was wendy's i couldn't get the ceo to ever return my call he didn't return my call so we actually in that case our idea was wendy's owned a company called tim hortons which was this coffee donut chain

uh we had to make a fair bit more noise right so we would buy a stake we'd announce it publicly we'd attempt to engage with management the first activist investment we made at persian square was wendy's i couldn't get the ceo to ever return my call he didn't return my call so we actually in that case our idea was wendy's owned a company called tim hortons which was this coffee donut chain

uh we had to make a fair bit more noise right so we would buy a stake we'd announce it publicly we'd attempt to engage with management the first activist investment we made at persian square was wendy's i couldn't get the ceo to ever return my call he didn't return my call so we actually in that case our idea was wendy's owned a company called tim hortons which was this coffee donut chain

And you could buy Wendy's for basically $5 billion. And they owned 100% of Tim Hortons, which itself was worth more than $5 billion. So you could literally buy Wendy's, separate Tim Hortons and get Wendy's for negative value. That seemed like a pretty good opportunity, even though the business wasn't doing that well. So we bought the stake, called the CEO, couldn't get a meeting, nothing.

And you could buy Wendy's for basically $5 billion. And they owned 100% of Tim Hortons, which itself was worth more than $5 billion. So you could literally buy Wendy's, separate Tim Hortons and get Wendy's for negative value. That seemed like a pretty good opportunity, even though the business wasn't doing that well. So we bought the stake, called the CEO, couldn't get a meeting, nothing.

And you could buy Wendy's for basically $5 billion. And they owned 100% of Tim Hortons, which itself was worth more than $5 billion. So you could literally buy Wendy's, separate Tim Hortons and get Wendy's for negative value. That seemed like a pretty good opportunity, even though the business wasn't doing that well. So we bought the stake, called the CEO, couldn't get a meeting, nothing.

So we hired actually Blackstone, which was at that time had an investment bank. And we hired them to do what's called a fairness opinion of what Wendy's would be worth if they followed our advice. And they agreed to do it, paid him a fee for it. And then we mailed in a letter with a copy of the fairness opinion saying 20s would basically be worth 80% more if they did what we said.

So we hired actually Blackstone, which was at that time had an investment bank. And we hired them to do what's called a fairness opinion of what Wendy's would be worth if they followed our advice. And they agreed to do it, paid him a fee for it. And then we mailed in a letter with a copy of the fairness opinion saying 20s would basically be worth 80% more if they did what we said.

So we hired actually Blackstone, which was at that time had an investment bank. And we hired them to do what's called a fairness opinion of what Wendy's would be worth if they followed our advice. And they agreed to do it, paid him a fee for it. And then we mailed in a letter with a copy of the fairness opinion saying 20s would basically be worth 80% more if they did what we said.

And six weeks later, they did what we said. So that's activism, at least an early form of activism. With that kind of under our belt, we had a little more credibility. And now we started to take things and stakes in companies. The media would pay attention. So the media became kind of an important partner.

And six weeks later, they did what we said. So that's activism, at least an early form of activism. With that kind of under our belt, we had a little more credibility. And now we started to take things and stakes in companies. The media would pay attention. So the media became kind of an important partner.

And six weeks later, they did what we said. So that's activism, at least an early form of activism. With that kind of under our belt, we had a little more credibility. And now we started to take things and stakes in companies. The media would pay attention. So the media became kind of an important partner.

And, you know, some combination of shame, embarrassment, and opportunity motivated management teams to do the right thing. And then, you know, beyond that, there's certain steps you can take if management is recalcitrant and the shareholders are on your side. But it's a bit like running for office. You've got to get all the constituents to support you and your ideas.

And, you know, some combination of shame, embarrassment, and opportunity motivated management teams to do the right thing. And then, you know, beyond that, there's certain steps you can take if management is recalcitrant and the shareholders are on your side. But it's a bit like running for office. You've got to get all the constituents to support you and your ideas.

And, you know, some combination of shame, embarrassment, and opportunity motivated management teams to do the right thing. And then, you know, beyond that, there's certain steps you can take if management is recalcitrant and the shareholders are on your side. But it's a bit like running for office. You've got to get all the constituents to support you and your ideas.

And if they support you and your ideas, you can overthrow, if you will, the board of a company. You bring in new talent and then take over the management of a business. And that's the most extreme form of activism. So that's kind of the early days.

And if they support you and your ideas, you can overthrow, if you will, the board of a company. You bring in new talent and then take over the management of a business. And that's the most extreme form of activism. So that's kind of the early days.

And if they support you and your ideas, you can overthrow, if you will, the board of a company. You bring in new talent and then take over the management of a business. And that's the most extreme form of activism. So that's kind of the early days.

And a lot of the early things that we did were, you know, call it what we call sort of like investment banking activism, where we'd go in and recommend something a good investment bank would have recommended. And if they do it, we make a bunch of money, and then we moved on to the next one.

And a lot of the early things that we did were, you know, call it what we call sort of like investment banking activism, where we'd go in and recommend something a good investment bank would have recommended. And if they do it, we make a bunch of money, and then we moved on to the next one.