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Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech | Lex Fridman Podcast #413

Lex Fridman | October 26, 2024



Bill Ackman is an investor who has led some of the biggest and controversial financial trades in history. He is founder and CEO of Pershing Square Capital Management. Please support this podcast by checking out our sponsors:
– LMNT: https://drinkLMNT.com/lex to get free sample pack
– Policygenius: https://policygenius.com/lex
– AG1: https://drinkag1.com/lex to get 1 month supply of fish oil
– Eight Sleep: https://eightsleep.com/lex to get special savings
– BetterHelp: https://betterhelp.com/lex to get 10% off

TRANSCRIPT:
https://lexfridman.com/bill-ackman-transcript

EPISODE LINKS:
Bill’s X: https://twitter.com/BillAckman
Pershing Square Holdings: https://pershingsquareholdings.com/
Pershing Square Foundation: https://pershingsquarefoundation.org
Neri Oxman conversation: https://www.youtube.com/watch?v=XbPHojL_61U
Books mentioned:
The Intelligent Investor: https://amzn.to/3ONnaZy
America’s Cultural Revolution: https://amzn.to/3SDz1dY

PODCAST INFO:
Podcast website: https://lexfridman.com/podcast
Apple Podcasts: https://apple.co/2lwqZIr
Spotify: https://spoti.fi/2nEwCF8
RSS: https://lexfridman.com/feed/podcast/
Full episodes playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4
Clips playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOeciFP3CBCIEElOJeitOr41

OUTLINE:
0:00 – Introduction
0:47 – Investing basics
5:39 – Investing in music
14:00 – Process of researching companies
18:39 – Investing in restaurants
24:08 – Investing in Google
29:50 – AI
35:05 – Warren Buffet
37:14 – Psychology of investing
46:45 – Activist investing
56:33 – General Growth Properties
1:12:49 – Canadian Pacific Railway
1:20:13 – OpenAI
1:24:24 – Biggest loss and lowest point
1:39:13 – Herbalife and Carl Icahn
1:56:03 – Oct 7
2:02:34 – College campus protests
2:21:01 – DEI in universities
2:41:52 – Neri Oxman
3:07:22 – X and free speech
3:11:46 – Trump
3:19:22 – Dean Phillips
3:26:28 – Future

SOCIAL:
– Twitter: https://twitter.com/lexfridman
– LinkedIn: https://www.linkedin.com/in/lexfridman
– Facebook: https://www.facebook.com/lexfridman
– Instagram: https://www.instagram.com/lexfridman
– Medium: https://medium.com/@lexfridman
– Reddit: https://reddit.com/r/lexfridman
– Support on Patreon: https://www.patreon.com/lexfridman

Written by Lex Fridman

Comments

This post currently has 28 comments.

  1. @lexfridman

    October 26, 2024 at 7:26 am

    Here are the timestamps. Please check out our sponsors to support this podcast.

    0:00 – Introduction & sponsor mentions:

    – LMNT: https://drinkLMNT.com/lex to get free sample pack

    – Policygenius: https://policygenius.com/lex

    – AG1: https://drinkag1.com/lex to get 1 month supply of fish oil

    – Eight Sleep: https://eightsleep.com/lex to get special savings

    – BetterHelp: https://betterhelp.com/lex to get 10% off

    0:47 – Investing basics

    5:39 – Investing in music

    14:00 – Process of researching companies

    18:39 – Investing in restaurants

    24:08 – Investing in Google

    29:50 – AI

    35:05 – Warren Buffet

    37:14 – Psychology of investing

    46:45 – Activist investing

    56:33 – General Growth Properties

    1:12:49 – Canadian Pacific Railway

    1:20:13 – OpenAI

    1:24:24 – Biggest loss and lowest point

    1:39:13 – Herbalife and Carl Icahn

    1:56:03 – Oct 7

    2:02:34 – College campus protests

    2:21:01 – DEI in universities

    2:41:52 – Neri Oxman

    3:07:22 – X and free speech

    3:11:46 – Trump

    3:19:22 – Dean Phillips

    3:26:28 – Future

  2. @Fre-h4r

    October 26, 2024 at 7:26 am

    Ja han gör säkert många vettiga affärer men i längden att äta hamburgare varje dag på snabbmatskedja är inte nyttigt tror jag för Ensidig kost får den inte att må bra i längden så att äta mera frukt och grönt och sallader då vanlig mat är nog ingen dum idé för att ja kunnat orka meraoch tänka mera och i längden 07

  3. @jamesamerritt2953

    October 26, 2024 at 7:26 am

    One of the more profound videos. All investors should hear Bill's story. The guy was at the absolute bottom and rebounded after all the adversity. Should be a required video. More of this ! Good job Lex.

  4. @Bridget-l7p

    October 26, 2024 at 7:26 am

    Owning stocks can seem easy, but choosing the right stock without a tried-and-true method might be difficult. I've been attempting for a while to grow my $310,000 portfolio, but the largest obstacle is that I don't have a well-defined entry and exit strategy. Regarding this, I would be grateful for any suggestions.

  5. @EvaHoffmann153

    October 26, 2024 at 7:26 am

    Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

  6. @AlonBayani

    October 26, 2024 at 7:26 am

    Thank you so much for this video Lex but in these uncertain times it is more important than ever to have a solid understanding of how the government are still in charge of our canals and manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

  7. @lisabahouth8893

    October 26, 2024 at 7:26 am

    Oh, October 7 woke you up? It woke me up too. In the reverse. Has nothing to do with DEI. It has to do with the aggression that has been going on for so very long. And if those kids were learning anything in school perhaps it was the truth which you are even more trying to suppress no, and good luck with that. Interesting that YOU got a wake up call, after all the lies perpetrated.

  8. @barbclark458

    October 26, 2024 at 7:26 am

    The fact that people equate AI with human beings, to the extent that they think AI requires it’s own “bill of rights” is disturbing. People who believe this are dangerous.

  9. @rachelonigirl

    October 26, 2024 at 7:26 am

    These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession– it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

  10. @matthiaskroll7740

    October 26, 2024 at 7:26 am

    God the highest authority creates only man and woman. We lost the word of god and must restart a far away new base society. Satan stays always on top in the society and shows you the complete lost of
    all property and archievements of humanity 😊

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