Bill Ackman

Yes. So activists generally never own more than 5% or 10% of a business. So they don't have control. Right. So the way they get influence is they have to convince the other, you know, they have to get to sort of a majority of the other shareholders to support them. And if they can get that kind of support, they can behave almost like a controlling shareholder. And that's how it works.

Yes. So activists generally never own more than 5% or 10% of a business. So they don't have control. Right. So the way they get influence is they have to convince the other, you know, they have to get to sort of a majority of the other shareholders to support them. And if they can get that kind of support, they can behave almost like a controlling shareholder. And that's how it works.

It is, it is, but you need some thought leaders. So activists are kind of thought leaders because they can spend the time and the money. A retail investor that owns a thousand shares doesn't have the resources or the time. They got a day job. Whereas an activist day job is finding the handful of things where there are opportunities.

It is, it is, but you need some thought leaders. So activists are kind of thought leaders because they can spend the time and the money. A retail investor that owns a thousand shares doesn't have the resources or the time. They got a day job. Whereas an activist day job is finding the handful of things where there are opportunities.

It is, it is, but you need some thought leaders. So activists are kind of thought leaders because they can spend the time and the money. A retail investor that owns a thousand shares doesn't have the resources or the time. They got a day job. Whereas an activist day job is finding the handful of things where there are opportunities.

Depends who that investor is, but generally I think it's a good thing. And that's why, you know, one of the problems with being CEO of a company today and having a very diversified shareholder base is the kind of short-term, long-term balance. And you have investors who have all different interests in terms of what they want to achieve and when they want it achieved.

Depends who that investor is, but generally I think it's a good thing. And that's why, you know, one of the problems with being CEO of a company today and having a very diversified shareholder base is the kind of short-term, long-term balance. And you have investors who have all different interests in terms of what they want to achieve and when they want it achieved.

Depends who that investor is, but generally I think it's a good thing. And that's why, you know, one of the problems with being CEO of a company today and having a very diversified shareholder base is the kind of short-term, long-term balance. And you have investors who have all different interests in terms of what they want to achieve and when they want it achieved.

And a CEO of a new company, a new CEO of an old company, let's say, hasn't had the chance to develop the credibility to make the kind of longer term decisions and can be stuck in a cycle of being judged on a quarterly basis. And a business, the best businesses are forever assets. And decisions you make now have impact three, four or five years from now.

And a CEO of a new company, a new CEO of an old company, let's say, hasn't had the chance to develop the credibility to make the kind of longer term decisions and can be stuck in a cycle of being judged on a quarterly basis. And a business, the best businesses are forever assets. And decisions you make now have impact three, four or five years from now.

And a CEO of a new company, a new CEO of an old company, let's say, hasn't had the chance to develop the credibility to make the kind of longer term decisions and can be stuck in a cycle of being judged on a quarterly basis. And a business, the best businesses are forever assets. And decisions you make now have impact three, four or five years from now.

In order to make, and sometimes there are decisions we make that have the effect of reducing the earnings of a company in the short term, because in the long term, it's going to make the business much more valuable. But sometimes it's hard to have that kind of credibility when you're a new CEO of a company.

In order to make, and sometimes there are decisions we make that have the effect of reducing the earnings of a company in the short term, because in the long term, it's going to make the business much more valuable. But sometimes it's hard to have that kind of credibility when you're a new CEO of a company.

In order to make, and sometimes there are decisions we make that have the effect of reducing the earnings of a company in the short term, because in the long term, it's going to make the business much more valuable. But sometimes it's hard to have that kind of credibility when you're a new CEO of a company.

So when you have a major owner that's respected by other shareholders sitting on the board saying, hey, the CEO is doing the right thing and making this expensive investment in a new factory. We're spending more money on R&D because we're developing something that's going to pay off over time.

So when you have a major owner that's respected by other shareholders sitting on the board saying, hey, the CEO is doing the right thing and making this expensive investment in a new factory. We're spending more money on R&D because we're developing something that's going to pay off over time.

So when you have a major owner that's respected by other shareholders sitting on the board saying, hey, the CEO is doing the right thing and making this expensive investment in a new factory. We're spending more money on R&D because we're developing something that's going to pay off over time.

That large owner on the board can help buy the time necessary for management to behave in a longer-term way. And that's, I think, good for all the shareholders.

That large owner on the board can help buy the time necessary for management to behave in a longer-term way. And that's, I think, good for all the shareholders.

That large owner on the board can help buy the time necessary for management to behave in a longer-term way. And that's, I think, good for all the shareholders.