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Bill Ackman

What Bill Ackman thinks about investing

@bill-ackman · 22 positions · On ppll ↗

Founder and chief executive of Pershing Square Capital Management, the activist investment firm he started in 2004.

Bill Ackman did not write this page.

We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.

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Only Bill Ackman on investing. See everyone on investing

6 dated positions, 2024, in their own words. Our reading of what Bill Ackman has said — not written or endorsed by them.

  1. Our readingJudging how wide a company's moat is is the hardest thing an investor does, and this is the most disruptable period in history.

    Their wordsThe most difficult analysis to do as an investor is that, is kind of figuring out how wide is the moat, how much at risk is the business to disruption? And we're in, I would say, the greatest period of disruptability in history.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 5th of 22 in this recording

  3. Our readingInvesting well requires reversing the human instinct to grow excited as prices rise and fearful as they fall.

    stock market

    Their wordsPeople tend to get excited about investments when stocks are going up and they get depressed when they're going down. And I think that's just inherently human. You have to reverse that. You have to get excited when things get cheaper and you got to get concerned when things get more expensive.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 8th of 22 in this recording

  5. Our readingAlmost no mutual fund earns the fees it charges, so most investors are better off buying an index fund.

    stock market

    Their wordsThere are very few that earn their keep in terms of the fees they charge. They tend to be too diversified and too short-term. And you're often much better off just buying an index fund.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 10th of 22 in this recording

  7. Our readingAbout a dozen holdings captures nearly all the benefit of diversification; going to fifty adds almost nothing.

    Their wordsI even recommend for individual investors to invest in a dozen companies, you don't get that much more benefit of diversification going from a dozen to 25 or even 50.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 11th of 22 in this recording

  9. Our readingIndividual investors analysed Tesla better than the professional investors and analysts did.

    Their wordsActually individual investors did a much better job analyzing Tesla than the so-called professional investors or analysts, the vast majority of them.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 12th of 22 in this recording

  11. Our readingShort selling is inherently treacherous and should almost never be done.

    stock market

    Their wordsSo we at Pershing Square short a very few stocks. And the reason for that is short selling is just inherently treacherous.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 16th of 22 in this recording