Bill Ackman

Brian Nichols is a fantastic CEO. He's not going to spend $1 that he doesn't think is the company's best interest.

Brian Nichols is a fantastic CEO. He's not going to spend $1 that he doesn't think is the company's best interest.

Brian Nichols is a fantastic CEO. He's not going to spend $1 that he doesn't think is the company's best interest.

So the kind of business we're looking for is sort of the kind of business everyone should be looking for, right? A great business. It's got a long-term trajectory of growth out into the force, you know, even beyond the foreseeable distance, right? Those are the kind of businesses you want to own. You want businesses that generate a lot of cash. You want businesses you can easily understand.

So the kind of business we're looking for is sort of the kind of business everyone should be looking for, right? A great business. It's got a long-term trajectory of growth out into the force, you know, even beyond the foreseeable distance, right? Those are the kind of businesses you want to own. You want businesses that generate a lot of cash. You want businesses you can easily understand.

So the kind of business we're looking for is sort of the kind of business everyone should be looking for, right? A great business. It's got a long-term trajectory of growth out into the force, you know, even beyond the foreseeable distance, right? Those are the kind of businesses you want to own. You want businesses that generate a lot of cash. You want businesses you can easily understand.

You want businesses with these sort of huge barriers to entry where it's difficult for others to compete. You want companies that don't have to constantly raise capital. And these are some of the great businesses of the world. But people have figured out that those are the great businesses. So the problem is those companies tend to have very high stock prices.

You want businesses with these sort of huge barriers to entry where it's difficult for others to compete. You want companies that don't have to constantly raise capital. And these are some of the great businesses of the world. But people have figured out that those are the great businesses. So the problem is those companies tend to have very high stock prices.

You want businesses with these sort of huge barriers to entry where it's difficult for others to compete. You want companies that don't have to constantly raise capital. And these are some of the great businesses of the world. But people have figured out that those are the great businesses. So the problem is those companies tend to have very high stock prices.

And the value is generally built into that. the price you have to pay for the business. So we can't earn the kind of returns we want to earn for investors by paying a really high price. Price matters a lot. You can buy the best business in the world. And if you overpay, you're not going to earn particularly attractive returns.

And the value is generally built into that. the price you have to pay for the business. So we can't earn the kind of returns we want to earn for investors by paying a really high price. Price matters a lot. You can buy the best business in the world. And if you overpay, you're not going to earn particularly attractive returns.

And the value is generally built into that. the price you have to pay for the business. So we can't earn the kind of returns we want to earn for investors by paying a really high price. Price matters a lot. You can buy the best business in the world. And if you overpay, you're not going to earn particularly attractive returns.

So we get involved in cases where a great business has kind of made a big mistake or you've a company that's kind of lost its way, but it's recoverable. And that's, we buy from shareholders who are disappointed, who've lost confidence, We're selling at a low price relative to what it's worth if fixed, and then we try to be helpful in fixing the company.

So we get involved in cases where a great business has kind of made a big mistake or you've a company that's kind of lost its way, but it's recoverable. And that's, we buy from shareholders who are disappointed, who've lost confidence, We're selling at a low price relative to what it's worth if fixed, and then we try to be helpful in fixing the company.

So we get involved in cases where a great business has kind of made a big mistake or you've a company that's kind of lost its way, but it's recoverable. And that's, we buy from shareholders who are disappointed, who've lost confidence, We're selling at a low price relative to what it's worth if fixed, and then we try to be helpful in fixing the company.

The most difficult analysis to do as an investor is that. It's kind of figuring out how wide is the moat, how, you know, how much at risk is the business to disruption. And we're in, I would say a period, the greatest period of disruptability in history, right? Technology. you know, a couple of 19 year olds can, you know, leave whatever university, or maybe they didn't go in the first place.

The most difficult analysis to do as an investor is that. It's kind of figuring out how wide is the moat, how, you know, how much at risk is the business to disruption. And we're in, I would say a period, the greatest period of disruptability in history, right? Technology. you know, a couple of 19 year olds can, you know, leave whatever university, or maybe they didn't go in the first place.

The most difficult analysis to do as an investor is that. It's kind of figuring out how wide is the moat, how, you know, how much at risk is the business to disruption. And we're in, I would say a period, the greatest period of disruptability in history, right? Technology. you know, a couple of 19 year olds can, you know, leave whatever university, or maybe they didn't go in the first place.

They can raise, you know, millions of dollars. They can get access to infinite bandwidth storage. They can contract with engineers in low cost markets around the world. They could build a virtual company and they can disrupt businesses that seem super established over time. And then on top of that, you have,

They can raise, you know, millions of dollars. They can get access to infinite bandwidth storage. They can contract with engineers in low cost markets around the world. They could build a virtual company and they can disrupt businesses that seem super established over time. And then on top of that, you have,