Bill Ackman

I don't think you're going to sit there and someone's going to put a computer up on stage and it's going to play and people are going to get excited around it. So I think... AI is really going to be a tool to make artists better artists. And I think like a synthesizer, right? Really created the opportunity for one man to have an orchestra. Maybe a bit of a threat to a percussionist, but maybe not.

Maybe it drove even more demand for the live experience.

Maybe it drove even more demand for the live experience.

Maybe it drove even more demand for the live experience.

That's a copyrightable asset, I would think. Mm-hmm.

That's a copyrightable asset, I would think. Mm-hmm.

That's a copyrightable asset, I would think. Mm-hmm.

Well, there's sort of name and likeness rights that have to be protected. Now, can a name be attributed to a Tesla robot? I don't know. I think so. I think it's quite obvious to me. Okay, so there's more potential artists for us to represent at Universal. Exactly. Exactly. All right. That's sort of one example. Another example could be just, you know, the restaurant industry, right?

Well, there's sort of name and likeness rights that have to be protected. Now, can a name be attributed to a Tesla robot? I don't know. I think so. I think it's quite obvious to me. Okay, so there's more potential artists for us to represent at Universal. Exactly. Exactly. All right. That's sort of one example. Another example could be just, you know, the restaurant industry, right?

Well, there's sort of name and likeness rights that have to be protected. Now, can a name be attributed to a Tesla robot? I don't know. I think so. I think it's quite obvious to me. Okay, so there's more potential artists for us to represent at Universal. Exactly. Exactly. All right. That's sort of one example. Another example could be just, you know, the restaurant industry, right?

If you can look at businesses like a mcdonald's right it's a whatever the company's like a 1950 vintage business and here we are it's you know 75 years later and uh you can kind of predict what it's going to look like over time and the menu is going to adjust over time to consumer tastes and but i think the hamburger and fries is probably forever

If you can look at businesses like a mcdonald's right it's a whatever the company's like a 1950 vintage business and here we are it's you know 75 years later and uh you can kind of predict what it's going to look like over time and the menu is going to adjust over time to consumer tastes and but i think the hamburger and fries is probably forever

If you can look at businesses like a mcdonald's right it's a whatever the company's like a 1950 vintage business and here we are it's you know 75 years later and uh you can kind of predict what it's going to look like over time and the menu is going to adjust over time to consumer tastes and but i think the hamburger and fries is probably forever

I tend to get a double chicken. Bowl or burrito? I like the burrito, but I generally try to order the bowl. Yeah. Cut the carb part. For health reasons. All right. And double chicken, guac, lettuce, black beans.

I tend to get a double chicken. Bowl or burrito? I like the burrito, but I generally try to order the bowl. Yeah. Cut the carb part. For health reasons. All right. And double chicken, guac, lettuce, black beans.

I tend to get a double chicken. Bowl or burrito? I like the burrito, but I generally try to order the bowl. Yeah. Cut the carb part. For health reasons. All right. And double chicken, guac, lettuce, black beans.

How do you do it? It's all of the above. So Chipotle, what attracted us initially is the stock price dropped by about 50%. Great company, great concept. Athletes love it. Consumers love it. Healthy, sustainable, fresh food made in front of your eyes. And, you know, great. Steve Ells, the founder, did an amazing job.

How do you do it? It's all of the above. So Chipotle, what attracted us initially is the stock price dropped by about 50%. Great company, great concept. Athletes love it. Consumers love it. Healthy, sustainable, fresh food made in front of your eyes. And, you know, great. Steve Ells, the founder, did an amazing job.

How do you do it? It's all of the above. So Chipotle, what attracted us initially is the stock price dropped by about 50%. Great company, great concept. Athletes love it. Consumers love it. Healthy, sustainable, fresh food made in front of your eyes. And, you know, great. Steve Ells, the founder, did an amazing job.

But ultimately the company's lacking some of the systems and had a food safety issue. Consumers got sick, almost killed the rent. But the reality of the fast food quick service industry is almost every fast food company has had a food safety issue over time. And the vast majority have survived. And we said, look, such a great concept.