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Bill Ackman

What Bill Ackman thinks about value investing

@bill-ackman · 22 positions · 0 changes of mind

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.

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

4 positions so far — this page is not yet offered to search engines.

  1. Our readingThe value of anything is the present value of the cash you can take out of it over its life.

    Their wordsThe value of anything, I would say, other than love, let's say, is the present value of the cash you can take out of it over its life.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 1st of 22 in this recording

  3. Our readingMost investments are really speculations, because only a handful of businesses can be predicted with any confidence.

    Their wordsAnd very few businesses that you can have a really high degree of certainty about. And as a result, many investments are speculations because it's really very difficult to predict the future.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 2nd of 22 in this recording

  5. Our readingBuying the best business in the world at too high a price still produces poor returns.

    Their wordsPrice 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.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 4th of 22 in this recording

  7. Our readingTechnology companies are the wrong place to look for durable businesses, because someone is always building a better version.

    Their wordsAnd that's why we have tended to stay away from companies that are technology companies because technology companies generally... The world is such a dynamic place that someone's always working on a better version.

    ↗Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413youtube.com 6th of 22 in this recording