Bill Ackman

The sad part here is we did very well. We tripled our money over several years. And then I went through a very challenging period because of a couple of bad investments. And we had to sell our Canadian Pacific to raise capital to pay for investors who were leaving. But we had another opportunity to buy it back in the last couple of years. And so we're now, again, a major owner of the company.

But had we held on to original stock, it would have been epic, if you will.

But had we held on to original stock, it would have been epic, if you will.

But had we held on to original stock, it would have been epic, if you will.

I haven't read the off and right article, but the good news is we are off and right. And I say we, because we're a team, a small team, but a fortunately very successful one. So our batting average as investors is extremely high. And the good news is our record's totally public. You can see everything we've ever done. But the press doesn't generally write about the success stories.

I haven't read the off and right article, but the good news is we are off and right. And I say we, because we're a team, a small team, but a fortunately very successful one. So our batting average as investors is extremely high. And the good news is our record's totally public. You can see everything we've ever done. But the press doesn't generally write about the success stories.

I haven't read the off and right article, but the good news is we are off and right. And I say we, because we're a team, a small team, but a fortunately very successful one. So our batting average as investors is extremely high. And the good news is our record's totally public. You can see everything we've ever done. But the press doesn't generally write about the success stories.

They write about the failures. And so we've had some epic failures, you know, big losses. Good news is they've been a tiny minority of the cases. Now, no one likes to lose money. It's even worse to lose other people's money. And I've done that occasionally. The good news is if you stuck with us, you've done very well, you know, over a long time.

They write about the failures. And so we've had some epic failures, you know, big losses. Good news is they've been a tiny minority of the cases. Now, no one likes to lose money. It's even worse to lose other people's money. And I've done that occasionally. The good news is if you stuck with us, you've done very well, you know, over a long time.

They write about the failures. And so we've had some epic failures, you know, big losses. Good news is they've been a tiny minority of the cases. Now, no one likes to lose money. It's even worse to lose other people's money. And I've done that occasionally. The good news is if you stuck with us, you've done very well, you know, over a long time.

Yeah, that was an incredible story. Look, governance really matters. And the governance structure of OpenAI, I think, leaves something to be desired. You know, I think Sam's point was this and maybe Musk, Elon Musk point originally set up as a nonprofit.

Yeah, that was an incredible story. Look, governance really matters. And the governance structure of OpenAI, I think, leaves something to be desired. You know, I think Sam's point was this and maybe Musk, Elon Musk point originally set up as a nonprofit.

Yeah, that was an incredible story. Look, governance really matters. And the governance structure of OpenAI, I think, leaves something to be desired. You know, I think Sam's point was this and maybe Musk, Elon Musk point originally set up as a nonprofit.

Uh, and, uh, it reminds me, actually, I invested in a nonprofit run by a former Facebook founder where he's going to create a Facebook like entity for nonprofits to promote, you know, goodness in the world. And the problem was he couldn't hire the talent he wanted because he couldn't grant stock options. He couldn't pay market salaries.

Uh, and, uh, it reminds me, actually, I invested in a nonprofit run by a former Facebook founder where he's going to create a Facebook like entity for nonprofits to promote, you know, goodness in the world. And the problem was he couldn't hire the talent he wanted because he couldn't grant stock options. He couldn't pay market salaries.

Uh, and, uh, it reminds me, actually, I invested in a nonprofit run by a former Facebook founder where he's going to create a Facebook like entity for nonprofits to promote, you know, goodness in the world. And the problem was he couldn't hire the talent he wanted because he couldn't grant stock options. He couldn't pay market salaries.

Um, and ultimately we ended up, he ended up selling the business to a for-profit. So it taught me for-profit solutions to problems are much better than nonprofits. And here you had kind of a blend, right? It was set up as a nonprofit, but I think they found the same thing. They couldn't hire the talent they wanted without having a for-profit subsidiary.

Um, and ultimately we ended up, he ended up selling the business to a for-profit. So it taught me for-profit solutions to problems are much better than nonprofits. And here you had kind of a blend, right? It was set up as a nonprofit, but I think they found the same thing. They couldn't hire the talent they wanted without having a for-profit subsidiary.

Um, and ultimately we ended up, he ended up selling the business to a for-profit. So it taught me for-profit solutions to problems are much better than nonprofits. And here you had kind of a blend, right? It was set up as a nonprofit, but I think they found the same thing. They couldn't hire the talent they wanted without having a for-profit subsidiary.

But the nonprofit entity, as I understand it, owns a big chunk of open AI and the investors own sort of a capped interest where their upside is capped and they don't have representation on the board. And I think that was a setup for a problem, and that's clearly what happened here.