Bill Ackman

You know, when you're a small firm, finite resources, so they can outspend you, they can sue you, they can try to, you know, jigger the mechanics in such a way that you're going to lose. There's some unfortunate stuff that's happened in the past, you know, manipulative stuff.

Oh, of course. You know, there'll be, you know, articles about, you know, the dirty days where they would go through your trash and, you know, make sure that, you know, you're not sleeping around and, you know, things like this. But that's okay. I can, I'm subject, I can survive extreme scrutiny because I've been through this for a long time.

Oh, of course. You know, there'll be, you know, articles about, you know, the dirty days where they would go through your trash and, you know, make sure that, you know, you're not sleeping around and, you know, things like this. But that's okay. I can, I'm subject, I can survive extreme scrutiny because I've been through this for a long time.

Oh, of course. You know, there'll be, you know, articles about, you know, the dirty days where they would go through your trash and, you know, make sure that, you know, you're not sleeping around and, you know, things like this. But that's okay. I can, I'm subject, I can survive extreme scrutiny because I've been through this for a long time.

At the end of the day, it's actually very good on a board to have someone, you know, if you, there are many examples over time and some handful of high profile ones where the board fought tooth and nail to keep the activists off the board. And then once the activists got on the board and they said, you know, the guy's not so bad after all, the shareholders voted them on.

At the end of the day, it's actually very good on a board to have someone, you know, if you, there are many examples over time and some handful of high profile ones where the board fought tooth and nail to keep the activists off the board. And then once the activists got on the board and they said, you know, the guy's not so bad after all, the shareholders voted them on.

At the end of the day, it's actually very good on a board to have someone, you know, if you, there are many examples over time and some handful of high profile ones where the board fought tooth and nail to keep the activists off the board. And then once the activists got on the board and they said, you know, the guy's not so bad after all, the shareholders voted them on.

He's got some decent ideas and let's all work together to have this work out. And so there are very few cases where after the contest. And by the way, sometimes you have to replace the entire board. We've done that. But in most cases, you get a couple of seats on the board. And it's just, you want to build a board comprised of diverse points of view. And that's how you get to the truth.

He's got some decent ideas and let's all work together to have this work out. And so there are very few cases where after the contest. And by the way, sometimes you have to replace the entire board. We've done that. But in most cases, you get a couple of seats on the board. And it's just, you want to build a board comprised of diverse points of view. And that's how you get to the truth.

He's got some decent ideas and let's all work together to have this work out. And so there are very few cases where after the contest. And by the way, sometimes you have to replace the entire board. We've done that. But in most cases, you get a couple of seats on the board. And it's just, you want to build a board comprised of diverse points of view. And that's how you get to the truth.

The Canadian Pacific proxy contest. So Canadian Pacific was considered the most iconic company in Canada. It literally built the country because the rail that got built over Canada is what united the various provinces into a country. And then over time, because the railroad business is a pretty good business, They built a ton of hotels. They owned a lot of real estate.

The Canadian Pacific proxy contest. So Canadian Pacific was considered the most iconic company in Canada. It literally built the country because the rail that got built over Canada is what united the various provinces into a country. And then over time, because the railroad business is a pretty good business, They built a ton of hotels. They owned a lot of real estate.

The Canadian Pacific proxy contest. So Canadian Pacific was considered the most iconic company in Canada. It literally built the country because the rail that got built over Canada is what united the various provinces into a country. And then over time, because the railroad business is a pretty good business, They built a ton of hotels. They owned a lot of real estate.

And it became this massive conglomerate. But it was horribly mismanaged for decades. By the time we got involved, it was by far the worst-run railroad in North America. They had the lowest profit margins. They had the lowest growth rate. Every quarter, management would make excuses, generally about the weather, as to why they underperformed.

And it became this massive conglomerate. But it was horribly mismanaged for decades. By the time we got involved, it was by far the worst-run railroad in North America. They had the lowest profit margins. They had the lowest growth rate. Every quarter, management would make excuses, generally about the weather, as to why they underperformed.

And it became this massive conglomerate. But it was horribly mismanaged for decades. By the time we got involved, it was by far the worst-run railroad in North America. They had the lowest profit margins. They had the lowest growth rate. Every quarter, management would make excuses, generally about the weather, as to why they underperformed.

And there, there's a direct competitor, a company called Canadian National. as a rail goes right across the country. And Canadian Pacific would constantly be complaining about the weather. And basically, you know, same country, same regions. Drax weren't that far apart. But it was a really important company. And being on this board was like an honorary thing.

And there, there's a direct competitor, a company called Canadian National. as a rail goes right across the country. And Canadian Pacific would constantly be complaining about the weather. And basically, you know, same country, same regions. Drax weren't that far apart. But it was a really important company. And being on this board was like an honorary thing.

And there, there's a direct competitor, a company called Canadian National. as a rail goes right across the country. And Canadian Pacific would constantly be complaining about the weather. And basically, you know, same country, same regions. Drax weren't that far apart. But it was a really important company. And being on this board was like an honorary thing.

And everyone on the board was an icon of Canada. You know, the chairman of the Royal Bank of Canada. You know, the head of the most important grain, privately held grain company. You know, sort of an important collection of, you know, big time Canadian executives. Here we were, you know, this is probably... about 13 years ago.