Bill Ackman

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.

The value of a security is the present value of the cash you can take out of it over its life. So if you think about a bond, a bond pays a 5% coupon interest rate. You get that, let's say, every year or twice a year, split in half. And it's very predictable. And if it's a U.S. government bond, you know you're going to get it. So that's a pretty easy thing to value.

The value of a security is the present value of the cash you can take out of it over its life. So if you think about a bond, a bond pays a 5% coupon interest rate. You get that, let's say, every year or twice a year, split in half. And it's very predictable. And if it's a U.S. government bond, you know you're going to get it. So that's a pretty easy thing to value.

The value of a security is the present value of the cash you can take out of it over its life. So if you think about a bond, a bond pays a 5% coupon interest rate. You get that, let's say, every year or twice a year, split in half. And it's very predictable. And if it's a U.S. government bond, you know you're going to get it. So that's a pretty easy thing to value.

A stock is an interest in a business. It's like owning a piece of a company. And a business, a profitable one, is like a bond in that it generates these coupons or these earnings or cash flow every year. The difference with a stock and a bond is that the bond, it's a contract. You know what you're going to get as long as they don't go bankrupt in default.

A stock is an interest in a business. It's like owning a piece of a company. And a business, a profitable one, is like a bond in that it generates these coupons or these earnings or cash flow every year. The difference with a stock and a bond is that the bond, it's a contract. You know what you're going to get as long as they don't go bankrupt in default.

A stock is an interest in a business. It's like owning a piece of a company. And a business, a profitable one, is like a bond in that it generates these coupons or these earnings or cash flow every year. The difference with a stock and a bond is that the bond, it's a contract. You know what you're going to get as long as they don't go bankrupt in default.

With a stock, you have to make predictions about the business. How many widgets are going to sell this year? How many are going to sell next year? What are the costs going to be? How much of the money that they generate do they need to reinvest in the business to keep the business going? And that's more complicated.

With a stock, you have to make predictions about the business. How many widgets are going to sell this year? How many are going to sell next year? What are the costs going to be? How much of the money that they generate do they need to reinvest in the business to keep the business going? And that's more complicated.

With a stock, you have to make predictions about the business. How many widgets are going to sell this year? How many are going to sell next year? What are the costs going to be? How much of the money that they generate do they need to reinvest in the business to keep the business going? And that's more complicated.

But, you know, what we do is we try to find businesses where, with a very high degree of confidence, we know what those cash flows are going to be for a very long time. And there are very few businesses that you can have a really high degree of certainty about. And as a result, you know, many investments are speculations because it's really very difficult to predict the future.

But, you know, what we do is we try to find businesses where, with a very high degree of confidence, we know what those cash flows are going to be for a very long time. And there are very few businesses that you can have a really high degree of certainty about. And as a result, you know, many investments are speculations because it's really very difficult to predict the future.

But, you know, what we do is we try to find businesses where, with a very high degree of confidence, we know what those cash flows are going to be for a very long time. And there are very few businesses that you can have a really high degree of certainty about. And as a result, you know, many investments are speculations because it's really very difficult to predict the future.

So what we do for a living, what I do for a living, is find those rare companies that you can kind of predict what they're going to look like over a very long period of time.

So what we do for a living, what I do for a living, is find those rare companies that you can kind of predict what they're going to look like over a very long period of time.

So what we do for a living, what I do for a living, is find those rare companies that you can kind of predict what they're going to look like over a very long period of time.

So every consumer has a view on different brands and different companies. And what we look for are sort of these non-disruptible businesses, a business where you can kind of close your eyes, stock market shuts for a decade, and you know that 10 years from now, it's going to be a more valuable, more profitable company. So we own a business called Universal Music Group.

So every consumer has a view on different brands and different companies. And what we look for are sort of these non-disruptible businesses, a business where you can kind of close your eyes, stock market shuts for a decade, and you know that 10 years from now, it's going to be a more valuable, more profitable company. So we own a business called Universal Music Group.

So every consumer has a view on different brands and different companies. And what we look for are sort of these non-disruptible businesses, a business where you can kind of close your eyes, stock market shuts for a decade, and you know that 10 years from now, it's going to be a more valuable, more profitable company. So we own a business called Universal Music Group.

It's in the business of helping artists become global artists, sort of the recorded music business. And it's in the business of, you know, owning rights to sort of the music publishing rights of songwriters. And, you know, I think music is forever, right? Music is a many thousand year old part of the human experience. And I think it will be, you know, thousands of years from now.