Bill Ackman

You don't see a lot of progress in the first few weeks, but like 30 days in, like, oh, okay. You can't look up at the mountaintop where you used to be because then you'll give up, right? But you're just, okay, just make step by step by step. And then 90 days in, you're like, okay, I was way down there. Okay, I don't look up. Just keep making progress, progress, progress.

You don't see a lot of progress in the first few weeks, but like 30 days in, like, oh, okay. You can't look up at the mountaintop where you used to be because then you'll give up, right? But you're just, okay, just make step by step by step. And then 90 days in, you're like, okay, I was way down there. Okay, I don't look up. Just keep making progress, progress, progress.

You don't see a lot of progress in the first few weeks, but like 30 days in, like, oh, okay. You can't look up at the mountaintop where you used to be because then you'll give up, right? But you're just, okay, just make step by step by step. And then 90 days in, you're like, okay, I was way down there. Okay, I don't look up. Just keep making progress, progress, progress.

And progress really does compound. And one day you wake up and like, wow, it's amazing how far I've come. And if you look at a chart of Pershing Square, our company, you can see the absolute bottom. You can see where we were, you can see the drop, and you can see where we are now. And that huge drop that felt like a complete unbelievable disaster looks like a little bump on the curve.

And progress really does compound. And one day you wake up and like, wow, it's amazing how far I've come. And if you look at a chart of Pershing Square, our company, you can see the absolute bottom. You can see where we were, you can see the drop, and you can see where we are now. And that huge drop that felt like a complete unbelievable disaster looks like a little bump on the curve.

And progress really does compound. And one day you wake up and like, wow, it's amazing how far I've come. And if you look at a chart of Pershing Square, our company, you can see the absolute bottom. You can see where we were, you can see the drop, and you can see where we are now. And that huge drop that felt like a complete unbelievable disaster looks like a little bump on the curve.

And it really gives you perspective on these things. You just have to power through. And I think the key is, you know, I've always been fortunate, like from a mental health point of view and, you know, nutrition, sleep, exercise, a little progress every day. It's, you know, very, that's it.

And it really gives you perspective on these things. You just have to power through. And I think the key is, you know, I've always been fortunate, like from a mental health point of view and, you know, nutrition, sleep, exercise, a little progress every day. It's, you know, very, that's it.

And it really gives you perspective on these things. You just have to power through. And I think the key is, you know, I've always been fortunate, like from a mental health point of view and, you know, nutrition, sleep, exercise, a little progress every day. It's, you know, very, that's it.

And, you know, good friends and family, you know, I had, uh, you know, go take a walk with a friend every night, um, you know, and a sister who loves me and parents who are supportive, but they were, you know, they were all worried about their, their son, their brother, you know, it was, it was a moment.

And, you know, good friends and family, you know, I had, uh, you know, go take a walk with a friend every night, um, you know, and a sister who loves me and parents who are supportive, but they were, you know, they were all worried about their, their son, their brother, you know, it was, it was a moment.

And, you know, good friends and family, you know, I had, uh, you know, go take a walk with a friend every night, um, you know, and a sister who loves me and parents who are supportive, but they were, you know, they were all worried about their, their son, their brother, you know, it was, it was a moment.

And also, by the way, the other thing to think about is when you recover from something like this, you really appreciate it. And also, as much as the media loves when some successful person falls, they love writing the story of success, they love even more the story of failure, but when you recover from that, it's kind of like the American story. America, you think of the great entrepreneurs,

And also, by the way, the other thing to think about is when you recover from something like this, you really appreciate it. And also, as much as the media loves when some successful person falls, they love writing the story of success, they love even more the story of failure, but when you recover from that, it's kind of like the American story. America, you think of the great entrepreneurs,

And also, by the way, the other thing to think about is when you recover from something like this, you really appreciate it. And also, as much as the media loves when some successful person falls, they love writing the story of success, they love even more the story of failure, but when you recover from that, it's kind of like the American story. America, you think of the great entrepreneurs,

and how many failures they had before they succeeded. You know, how many rocket launches, you know, did SpaceX have explode on the pad, right? And then you look at success. I mean, that's why Musk is so admired.

and how many failures they had before they succeeded. You know, how many rocket launches, you know, did SpaceX have explode on the pad, right? And then you look at success. I mean, that's why Musk is so admired.

and how many failures they had before they succeeded. You know, how many rocket launches, you know, did SpaceX have explode on the pad, right? And then you look at success. I mean, that's why Musk is so admired.

It's historic. So we at Pershing Square shorted very few stocks. And the reason for that is short selling is just inherently treacherous. If you buy a stock, it's called going long. You're buying something, your worst case scenario is you lose your whole investment. You buy a stock for 100, it goes to zero, you lose $100 per share. You buy one share, you lose 100.

It's historic. So we at Pershing Square shorted very few stocks. And the reason for that is short selling is just inherently treacherous. If you buy a stock, it's called going long. You're buying something, your worst case scenario is you lose your whole investment. You buy a stock for 100, it goes to zero, you lose $100 per share. You buy one share, you lose 100.