Bill Ackman

It could theoretically happen. But again, the activist in your example, which only doesn't own a lot of stock, the shareholder basis today, the biggest shareholders are these index funds that are forever, right? The BlackRock, Vanguard, State Street, their ownership stakes are just at this point only growing because of the inflows of capital they have from shareholders.

It could theoretically happen. But again, the activist in your example, which only doesn't own a lot of stock, the shareholder basis today, the biggest shareholders are these index funds that are forever, right? The BlackRock, Vanguard, State Street, their ownership stakes are just at this point only growing because of the inflows of capital they have from shareholders.

It could theoretically happen. But again, the activist in your example, which only doesn't own a lot of stock, the shareholder basis today, the biggest shareholders are these index funds that are forever, right? The BlackRock, Vanguard, State Street, their ownership stakes are just at this point only growing because of the inflows of capital they have from shareholders.

So they have to think or they should think very long-term and they're going to be very skeptical of someone coming in with a short-term idea. that drives the stock price up, you know, in the next six months, but impairs the company's long-term ability to compete. And basically that ownership group prevents this kind of activity from really happening.

So they have to think or they should think very long-term and they're going to be very skeptical of someone coming in with a short-term idea. that drives the stock price up, you know, in the next six months, but impairs the company's long-term ability to compete. And basically that ownership group prevents this kind of activity from really happening.

So they have to think or they should think very long-term and they're going to be very skeptical of someone coming in with a short-term idea. that drives the stock price up, you know, in the next six months, but impairs the company's long-term ability to compete. And basically that ownership group prevents this kind of activity from really happening.

Yes. And they're very few. I don't really know any short-term activist investors, not ones with credibility.

Yes. And they're very few. I don't really know any short-term activist investors, not ones with credibility.

Yes. And they're very few. I don't really know any short-term activist investors, not ones with credibility.

It was a good one. All right. But it wasn't a trade. I wouldn't describe it as a trade. A trade is something you buy and you flip. This is something where we made the investment initially in November of 2008. and we still own a company we spun off of General Growth, and it's now 15 years later.

It was a good one. All right. But it wasn't a trade. I wouldn't describe it as a trade. A trade is something you buy and you flip. This is something where we made the investment initially in November of 2008. and we still own a company we spun off of General Growth, and it's now 15 years later.

It was a good one. All right. But it wasn't a trade. I wouldn't describe it as a trade. A trade is something you buy and you flip. This is something where we made the investment initially in November of 2008. and we still own a company we spun off of General Growth, and it's now 15 years later.

Sure. So this was at the time of the financial crisis, circa November 2008. Real estate's always been a kind of sector that I've been interested in. I began my career in the real estate business working for my dad, actually. arranging mortgages for real estate developers. I have deep ties and interest in the business. General Growth was the second largest shopping mall company in the country.

Sure. So this was at the time of the financial crisis, circa November 2008. Real estate's always been a kind of sector that I've been interested in. I began my career in the real estate business working for my dad, actually. arranging mortgages for real estate developers. I have deep ties and interest in the business. General Growth was the second largest shopping mall company in the country.

Sure. So this was at the time of the financial crisis, circa November 2008. Real estate's always been a kind of sector that I've been interested in. I began my career in the real estate business working for my dad, actually. arranging mortgages for real estate developers. I have deep ties and interest in the business. General Growth was the second largest shopping mall company in the country.

Simon Properties, many people have heard of. General Growth was number two. They own some of the best malls in the country. At that time, people thought of shopping malls as these non-disruptible things. Again, we talk about disruption. Malls have been disrupted in many ways.

Simon Properties, many people have heard of. General Growth was number two. They own some of the best malls in the country. At that time, people thought of shopping malls as these non-disruptible things. Again, we talk about disruption. Malls have been disrupted in many ways.

Simon Properties, many people have heard of. General Growth was number two. They own some of the best malls in the country. At that time, people thought of shopping malls as these non-disruptible things. Again, we talk about disruption. Malls have been disrupted in many ways.

Uh, and general growth stock, uh, the general growth, the company, the CFO in particular was very aggressive in the way that he borrowed money. And he borrowed money from a kind of wall street, uh, not long-term, uh, mortgages, but generally relatively short-term mortgages. It was pretty aggressive as the value went up, he would borrow more and more against the assets.

Uh, and general growth stock, uh, the general growth, the company, the CFO in particular was very aggressive in the way that he borrowed money. And he borrowed money from a kind of wall street, uh, not long-term, uh, mortgages, but generally relatively short-term mortgages. It was pretty aggressive as the value went up, he would borrow more and more against the assets.