Investors / stance tracking
What Bill Ackman is saying
FollowFollowingUnfollowCEO, Pershing Square
95 dated public stances tracked since 2013-01-26, most recently 2026-10-22. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Bill Ackman's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Bill Ackman is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Think we got something wrong? Report a misattribution — we correct it or take it down.
95
tracked stances
55
themes
2
side flips
2026-10-22
last heard
Returns 90d -0.5% 44% correct · 41 calls · 180d +3.1% 55% correct · 33 calls · 1y +3.1% 60% correct · 25 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-07-20 | UBER | bullish | -3.1% | — | — |
| 2026-07-20 | BN | bullish | -13.8% | — | — |
| 2026-07-05 | GOOGL | bullish | -5.4% | — | — |
| 2026-07-05 | CP | owns | -2.3% | — | — |
| 2026-06-17 | HTZ | bullish | -60.0% | — | — |
| 2026-06-03 | MSFT | bullish | +17.5% | — | — |
| 2026-06-03 | CRM | bearish | -35.8% | — | — |
| 2026-06-03 | AMZN | bullish | +2.0% | — | — |
| 2026-05-06 | META | bullish | -4.0% | -0.8% | — |
| 2026-04-29 | HLT | bullish | +2.6% | +12.0% | — |
| 2026-04-29 | CMG | bullish | +1.6% | -13.9% | — |
| 2026-04-14 | USTS | bullish | -1.6% | -4.7% | — |
| 2026-04-14 | PSI | bullish | +32.9% | +25.3% | — |
| 2026-04-14 | HHH | bullish | +10.3% | +11.3% | — |
| 2026-04-13 | SPX | bullish | +9.5% | +14.0% | — |
| 2025-11-29 | short AAPL / short MSFT / short GOOGL / short AMZN (+3 legs) | basket | +6.2% | -8.7% | — |
| 2025-10-21 | GOOGL | bullish | +28.6% | +34.9% | +34.0% |
| 2025-09-19 | USTS | bearish | -1.1% | -0.9% | +1.9% |
| 2025-09-19 | USD | bearish | -2.0% | -5.0% | -7.4% |
| 2025-09-19 | HTZ | bullish | -25.6% | -38.5% | -72.8% |
| 2025-09-19 | Commercial Real Estate | bullish | -2.0% | +2.2% | +6.3% |
| 2025-06-05 | UBER | bullish | +9.8% | +3.4% | -16.5% |
| 2025-05-05 | HHH | owns | -1.1% | +13.0% | -8.7% |
| 2025-05-05 | CMG | bullish | -14.3% | -37.0% | -35.4% |
| 2024-02-20 | GOOGL | bullish | +25.4% | +18.2% | +31.8% |
| 2024-02-20 | CP | owns | -2.5% | -5.8% | -7.2% |
| 2024-02-20 | CMG | bullish | +23.1% | +2.0% | +4.3% |
| 2024-01-13 | Long Dur Treasuries | owns | -3.9% | +0.6% | -6.2% |
| 2023-09-28 | QSR | bullish | +18.0% | +19.3% | +9.7% |
| 2023-09-28 | Long Dur Treasuries | bearish | -14.8% | -7.8% | -15.6% |
| 2023-09-28 | HLT | bullish | +18.2% | +38.9% | +53.0% |
| 2023-09-28 | GOOGL | owns | +6.1% | +13.9% | +24.2% |
| 2023-08-17 | KO | bullish | -4.9% | -0.5% | +17.8% |
| 2023-06-03 | QSR | owns | -6.5% | -4.2% | -4.4% |
| 2023-06-03 | MBI | bearish | -0.7% | +10.0% | -58.5% |
| 2023-06-03 | HLF | bearish | -30.3% | -9.0% | +12.1% |
| 2023-06-03 | CP | bullish | +3.4% | -7.3% | +0.5% |
| 2023-06-03 | CMG | bullish | -6.6% | +6.2% | +48.3% |
| 2023-03-20 | Long Dur Treasuries | bearish | +1.7% | +10.3% | +9.1% |
| 2021-01-24 | HLF | bearish | +6.2% | -4.3% | +12.4% |
Showing the 40 most recent of 41 scored calls.
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
Long Dur Treasuries — bearish2023-09-28 → bullish2024-01-13
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| HLF | 7 | 7 bearish | 2023-06-03 | |
| CMG | 5 | 5 bullish | 2026-04-29 | |
| CP | 4 | 4 bullish | 2026-07-05 | |
| GOOGL | 4 | 4 bullish | 2026-07-05 | |
| HHC | 3 | 3 bullish | 2026-06-03 | |
| Long Dur Treasuries | 3 | 1 bullish / 2 bearish | 2024-01-13 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-10-22
long Gse Mortgage / long Gse Mortgage
basket
CNBC (uncut) · uncut_tv
Fannie Mae and Freddie Mac could rise roughly tenfold because their rebuilt capital, very low earnings multiples, potential preferred-stock repayment recognition, exchange relisting, and 2027 conservatorship release could unlock substantial value.
“These stocks will go up tenfold, and that's the most asymmetric investment I'm aware of in the stock market.”
CNBC uncut 2026-10-22 11:32 ET (5 min)
2026-10-22
long V / long MA / long NFLX
basket
CNBC (uncut) · uncut_tv
Visa, Mastercard, and Netflix are durable growth franchises bought at valuations expected to deliver annualized returns above 20% as earnings compound over a three-to-five-year holding period.
“We've been able to buy businesses, Visa, MasterCard, Netflix, and others at prices that pencil out to well north of 20% IRRs.”
CNBC uncut 2026-10-22 11:22 ET (5 min)
2026-10-22
long MSFT / short NEO-CLOUD OPERATORS
pair
CNBC (uncut) · uncut_tv
Hyperscalers (MSFT, AMZN, META) have fortress balance sheets and captive use for every unit of compute they buy, while Neo-Cloud operators are highly levered equity plays sensitive to cost of capital that can be wiped out if demand assumptions slip
“Microsoft and Amazon are gonna, and Meta will be able to use every incremental watt of compute”
CNBC uncut 2026-10-22 11:37 ET (5 min)
2026-10-22
long MSFT / long AMZN / short NEOCLOUD PROVIDERS
pair
CNBC (uncut) · uncut_tv
Play AI compute demand through dominant, well-capitalized hyperscalers (MSFT, AMZN) rather than neoclouds, which are highly levered, rate-sensitive, and lack the market power to guarantee demand absorption — binary risk profile vs durable franchise value
“Microsoft and Amazon are gonna be able to use every incremental watt of compute”
Squawk on the Street — 2026-10-22 (CNBC, full episode, ads cut)
META is accelerating its AI-driven business (Llama democratizing agents), holds $80B cash with no net leverage so California-tax-driven share issuance is a non-issue, and the post-earnings selloff is short-term trader noise not fundamentals
“this remains an incredibly undervalued stock, and that's why we own it”
CNBC uncut 2026-10-22 11:37 ET (5 min)
Said again: 2026-10-22 (CNBC (uncut))
2026-10-22
BROAD EQUITIES
bullish
CNBC (uncut) · uncut_tv
Falling interest rates and inflation, alongside potential resolutions to the Iran and Russia-Ukraine conflicts, would accelerate the economy and equity market.
“I think rates are coming down and inflation is coming down... we're off to the races for the economy, the market”
CNBC uncut 2026-10-22 11:42 ET (5 min)
Uber is very cheap because the market fears Tesla robotaxi disruption, but consumers will use Uber's multi-provider platform rather than a single-brand app to get the lowest-cost ride.
“the stock is very cheap today because people believe that the Tesla taxi will disrupt Uber... I think the consumer is going to go to the Uber platform”
90d -3.1%
Which Companies Bill Ackman Is Bullish and Bearish on Right Now
Brookfield earns royalty-like asset management fees across real estate, infrastructure, and energy, and is positioned to benefit from the surge in data center capital deployment.
“as more and more capital is going in to build data centers, that's a field where Brookfield is going to be a very successful participant”
90d -13.8%
Which Companies Bill Ackman Is Bullish and Bearish on Right Now
Said again: 2026-10-08 (Cathie Wood)
Canadian Pacific's operational transformation under Hunter Harrison is now sustained and extended by Keith Creel, who is executing even better, making it a compounding industrial franchise trading at a reasonable price after Pershing re-entered the position
“Keith Creel... he's doing an incredible job and we're... a major owner of the company”
90d -2.3%
Bill Ackman on Investing, Harvard & Free Speech | Full Interview 📊📈
Market overreacted to the Bard demo misstep — Google's AI capabilities are at least tied with Microsoft/OpenAI, yet the stock was trading at ~15x earnings (a ~7% yield growing over time) with substantial optionality in cloud and other businesses
“probably the cheapest of the big seven companies in terms of price you're paying for the business”
90d -5.4%
Bill Ackman on Investing, Harvard & Free Speech | Full Interview 📊📈
2026-06-17
HTZ
bullish
Bill Ackman · video
Hertz is a levered bet on rising used-car residual values (boosted by Trump tariffs making new cars less competitive) plus an operational turnaround under new management, with a path to ~$20/share from ~$5-6 and reduced financial risk versus the original ~$3…
“we still think there's significant upside and the financial risk has been reduced dramatically”
90d -60.0%
Bill Ackman: Betting big on tech cash cows after Pershing Square underperformance
2026-06-03
HHC
bullish
Bill Ackman · video
Howard Hughes trades at a discount to liquidation value (~60 cents on the dollar) and Ackman is repositioning it from a real estate developer into a Berkshire-style compounding machine by reinvesting cash flows into insurance operations, which should re-rate…
“at $63 a share, you're owning Howard Hughes at a discount to liquidation value”
Bill Ackman: Here's What the Market is MISSING
Microsoft is being left behind by short-term capital chasing AI infrastructure plays, creating a cheap valuation in a high-quality, durable business that is itself deeply embedded in AI
“I think a similar thing is happening today in a sense to Amazon and Meta, Microsoft”
90d +17.5%
Bill Ackman: Here's What the Market is MISSING
Said again: 2026-06-17 (Bill Ackman), 2026-07-20 (Bill Ackman)
2026-06-03
XAI (ELON MUSK)
owns
Bill Ackman · video
Ackman invested in xAI via an SPV, viewing it as a venture-style bet on a top-tier founder with significant competitive positioning in the AI race where time delay is extremely costly
“I actually invested in XAI. I'm in an SPV”
Bill Ackman: Here's What the Market is MISSING
Amazon is being mispriced as legacy by markets chasing AI chip and energy plays, similar to how Berkshire was mispriced during the dot-com bubble, creating an attractive entry point
“some of the best businesses in the world are trading at the lowest multiples”
90d +2.0%
Bill Ackman: Here's What the Market is MISSING
Said again: 2026-06-17 (Bill Ackman), 2026-07-20 (Bill Ackman)
Salesforce is at risk from AI disruption because it charges high monopolistic software pricing to customers who could increasingly find AI-native alternatives, making its moat less durable than lower-priced platform businesses
“I worry more about a Salesforce than I do about your kind of...I think those companies are really at risk”
90d -35.8%
Bill Ackman: Here's What the Market is MISSING
2026-05-11
ISRAELI EQUITIES / TEL AVIV STOCK EXCHANGE
bullish
Bill Ackman · video
Israel's outsized tech talent base (AI, cybersecurity, defense tech) becomes relatively more valuable in an AI world where population size matters less, and a Middle East peace dividend from the Iran/Hamas setbacks expands the Abraham Accords opportunity
“In the world of AI, your population is not as important — you don't need millions of people to be a major competitor”
Bill Ackman Milken Conference 2026-MAY-04 Monday
Meta is undervalued because the market gives it no credit for its massive data-center capex build-out — unlike hyperscalers reselling compute at 30x earnings, Meta deploys the same capacity internally yet trades as if the investment has zero option value…
“Meta is very cheap… I agree with the basic thesis. I like Meta”
90d -4.0% · 180d -0.8%
VALUExBRK 2026 | Bill Ackman, Mohnish Pabrai, Tom Gayner, Chris Bloomstran & More
Said again: 2026-05-11 (Bill Ackman), 2026-06-03 (Bill Ackman), 2026-06-17 (Bill Ackman), 2026-07-20 (Bill Ackman)
2026-05-06
TASE
bullish
Bill Ackman · video
The Tel Aviv Stock Exchange is a monopolistic royalty on Israeli economic success — Israel's Silicon Valley-like density of tech talent and IP will produce trillion-dollar AI/cybersecurity companies, growing the exchange's listed universe and pricing power…
“owning a piece of a stock exchange is like owning a royalty on the success of capitalism in a country”
VALUExBRK 2026 | Bill Ackman, Mohnish Pabrai, Tom Gayner, Chris Bloomstran & More
Chipotle is a core Pershing Square holding where active engagement helped solve business problems and drove significant value creation
“Chipotle is a good example”
90d +1.6% · 180d -13.9%
Bill Ackman: This Is a “Great” Time to Invest - Even at Market Highs
Said again: 2026-07-05 (Bill Ackman)
Hilton is a core Pershing Square holding representing a high-quality, durable growth business that the market has historically underappreciated
“buying Hilton when the market, I would say, underappreciated business”
90d +2.6% · 180d +12.0%
Bill Ackman: This Is a “Great” Time to Invest - Even at Market Highs
2026-04-29
PSUSA
bullish
Bill Ackman · video
PSUSA offers retail investors access to a concentrated portfolio of high-quality durable growth companies with a 22-year track record of ~19% net compound returns, plus built-in hedging capability and exposure to Pershing Square Inc. as a business, at low cost
“we've generated a 25% return per annum over the same period”
Bill Ackman: This Is a “Great” Time to Invest - Even at Market Highs
2026-04-29
UNIVERSAL MUSIC GROUP
bullish
Bill Ackman · video
Universal Music is a core Pershing Square holding representing a super durable growth company selected for concentrated long-term compounding
Bill Ackman: This Is a “Great” Time to Invest - Even at Market Highs
Said again: 2026-07-05 (Bill Ackman)
2026-04-29
US INTEREST RATES / FED CUTS
bearish
Bill Ackman · video
Rates are currently too high and resolving geopolitical risks in Iran would allow energy prices to fall, giving the Fed room to cut, which would further boost the economy and markets
“rates are really too high”
Bill Ackman: This Is a “Great” Time to Invest - Even at Market Highs
2026-04-29
AI INFRASTRUCTURE THEME
bullish
Bill Ackman · video
Massive AI infrastructure build-out combined with AI as a productivity force for every company creates an enormous economic tailwind that supports equity valuations
“AI itself is this very powerful productivity force”
Bill Ackman: This Is a “Great” Time to Invest - Even at Market Highs
Howard Hughes trades at a 40-50% discount to underlying real estate NAV and is being transformed into a diversified insurance holding company akin to a modern Berkshire Hathaway, with the Vantage acquisition as the first insurance platform and significant…
“the stock is consistently trading at a very significant discount, 40-50% discount to the value of its underlying real estate assets”
90d +10.3% · 180d +11.3%
Pershing Square CEO Bill Ackman and CIO Ryan Israel on Pershing Square USA and Pershing Square Inc.
Said again: 2026-04-29 (Bill Ackman), 2026-05-06 (Bill Ackman), 2026-06-17 (Bill Ackman)
2026-04-14
PSI
bullish
Bill Ackman · video
The GP/management company has a 98% permanent capital base, 87%+ fee-related earnings margin, zero exposure to private credit concerns plaguing peers, and growing fee streams from PSUS, PSH, and Howard Hughes, making it cheaper than alternative asset manager…
“our model has none of the drawbacks of things that investors are currently concerned about”
90d +32.9% · 180d +25.3%
Pershing Square CEO Bill Ackman and CIO Ryan Israel on Pershing Square USA and Pershing Square Inc.
A planned fund that parks capital in short-term US Treasuries whose interest income funds asymmetric macro hedges, providing principal protection with uncapped upside if tail risks materialize, consistent with Pershing Square's track record of billion-dollar…
“if all the asymmetric bets go to zero, your principal is protected by the Treasuries”
90d -1.6% · 180d -4.7%
Pershing Square CEO Bill Ackman and CIO Ryan Israel on Pershing Square USA and Pershing Square Inc.
2026-04-13
PERSHING SQUARE INC. (GP/MANAGEMENT COMPANY)
bullish
Bill Ackman · video
PS Inc. is a capital-light, royalty-like management company that grows organically through AUM compounding and step-changes with each new fund launch, while returning nearly all earnings as dividends—combining high growth with high yield unlike typical income…
“a rapidly growing company...doesn't require the reinvestment of capital...we're going to return to shareholders”
Pershing Square USA and Pershing Square Inc.: Bill Ackman in Conversation with Vlad Tenev
2026-04-13
ASYMMETRIC MACRO HEDGES (CREDIT DEFAULT SWAPS / INTEREST RATE OPTIONS)
bullish
Bill Ackman · video
Periodically buying small-premium asymmetric instruments (CDS, rate swaptions) against identifiable macro tail risks provides convex portfolio protection and generates dry powder to buy equities at distressed prices, as demonstrated in 2008 and 2020
“buy insurance only when you know a storm is coming, and there's no limit on the upside”
Pershing Square USA and Pershing Square Inc.: Bill Ackman in Conversation with Vlad Tenev
2026-04-13
ASYMMETRIC MACRO HEDGES (CREDIT DEFAULT SWAPS / INTEREST RATE SWAPTIONS)
bullish
Bill Ackman · video
Periodically buying cheap out-of-the-money macro hedges when identifiable black swan risks emerge provides asymmetric payoffs that protect the long portfolio and generate dry powder to buy stocks at distressed prices
“imagine if you could buy insurance that was way more than the value of your home and there was no limit”
Pershing Square USA and Pershing Square Inc.: Bill Ackman in Conversation with Vlad Tenev
2026-04-13
US LARGE/MEGA-CAP EQUITIES
bullish
Bill Ackman · video
AI infrastructure boom, energy boom, massive infrastructure spending, new tax incentive legislation, and trillions in committed corporate investment create significant tailwinds for US equities in the back half of the year
“I think there are a lot of tailwinds going into the back half of the year”
Pershing Square USA and Pershing Square Inc.: Bill Ackman in Conversation with Vlad Tenev
AI infrastructure boom, energy buildout, major infrastructure spending, and the new tax bill with investment incentives create significant tailwinds for economic growth and corporate earnings in the back half of the year
“I think it's actually quite a good time to be deploying capital in the stock market”
90d +9.5% · 180d +14.0%
Pershing Square USA and Pershing Square Inc.: Bill Ackman in Conversation with Vlad Tenev
Said again: 2026-04-29 (Bill Ackman)
2025-11-30
long JAPANESE TRADING COMPANIES — ITOCHU, MARUBENI, MITSUBISHI CORP, MITSUI, SUMITOMO / short JPY-DENOMINATED DEBT
hedge
Bill Ackman · synthetic
Long Japanese sogo shosha financed with yen-denominated debt creates naturally currency-hedged exposure to Asian economies and global commodity-linked businesses outside the direct US-China conflict zone, collecting dividends in yen and paying interest in yen
“We finance these positions by issuing yen denominated debt. The currency exposure is naturally hedged.”
Bill Ackman: If I Had to Protect My Wealth Before 2026, Here's How I'd Do It
2025-11-29
short AAPL / short MSFT / short GOOGL / short AMZN (+3 legs)
basket
Bill Ackman · synthetic
Magnificent 7 are collectively overvalued by trillions as AI capex math doesn't work ($400B spending vs $13B OpenAI revenue requires 100x revenue growth), AI is reversing their capital-light advantage toward capital-intensive utilities, and 35% S&P…
“I am now betting against the Magnificent 7”
90d +6.2% · 180d -8.7%
Bill Ackman: Why I'm Betting Against the Magnificent Seven in 2026
Alphabet has the capital and scale to sustain AI infrastructure investment through to AGI, which Ackman views as a transformative 'lollapalooza' event for the world, and intelligence is a resource that will never face excess capacity problems
“intelligence is not something you're ever going to have excess capacity for”
90d +28.6% · 180d +34.9% · 1y +34.0%
Squawk Pod: Goldman Sachs CEO David Solomon & Pershing Square’s Bill Ackman - 10/21/25 | Audio Only
2025-09-19
GENERAL GROWTH PROPERTIES
bullish
Bill Ackman · video
Stock fell 99.5% on bankruptcy fears but underlying mall assets had improving fundamentals (occupancy rising 93% to 95%), making equity recoverable if a shareholder-friendly restructuring process could be run
“the stock went from 34 cents to ultimately $31 a share”
The Citadel Finance Speaker Series Featuring Bill Ackman
2025-09-19
HTZ
bullish
Bill Ackman · video
Auto tariffs will raise new car prices, boosting used car residual values and relieving pressure on Hertz's securitized fleet financing, while a new management team executes a turnaround on a deeply discounted, optionality-rich equity stub
“the Hertz stock is almost like an option like a long-term option on this sort of turnaround”
90d -25.6% · 180d -38.5% · 1y -72.8%
The Citadel Finance Speaker Series Featuring Bill Ackman
2025-09-19
Commercial Real Estate
bullish
Bill Ackman · video
GGP's fundamental mall operations remained healthy (occupancy rising) while the stock collapsed 99.5% purely due to a financing crisis, creating a rare opportunity for equity holders to recover value through an activist-run bankruptcy process
“we bought 25% of the company in the market for $60 million starting at 34 cents a share”
90d -2.0% · 180d +2.2% · 1y +6.3%
The Citadel Finance Speaker Series Featuring Bill Ackman
2025-09-19
HARVARD UNIVERSITY ENDOWMENT / PRIVATE-MARKET CARRIED VALUES
bearish
Bill Ackman · video
Harvard's $53B endowment is 85% illiquid (PE, real estate, VC) and many assets are still carried at peak 2021 valuations that no longer reflect reality, creating hidden balance-sheet risk as funding pressure mounts
“I question the carrying values of those assets”
The Citadel Finance Speaker Series Featuring Bill Ackman
Blanket tariffs against 170-180 countries simultaneously create severe business uncertainty that causes capex and hiring freezes, tipping the US into at least a Q2 recession unless deals are reached quickly
“we'll be at the beginning of a recession I think for sure in Q2”
90d -2.0% · 180d -5.0% · 1y -7.4%
The Citadel Finance Speaker Series Featuring Bill Ackman
2025-09-19
US RECESSION RISK (Q2 MACRO)
bearish
Bill Ackman · video
Tariff uncertainty is causing businesses to pause hiring and investment after front-loaded Q1 demand, pointing to a recession beginning in Q2 2025 unless trade deals are struck quickly
“we'll be at the beginning of a recession I think for sure in Q2”
The Citadel Finance Speaker Series Featuring Bill Ackman
MBIA's AAA rating masked near-insolvency because its thin capital base was guaranteeing subprime mortgages and CDOs that would collapse under any housing stress, making CDS protection extraordinarily cheap relative to true default risk
“we bet that a company with a AAA rating was going to go bankrupt and we made 354 times our money”
90d -1.1% · 180d -0.9% · 1y +1.9%
The Citadel Finance Speaker Series Featuring Bill Ackman
2025-09-19
MBIA
bearish
Bill Ackman · video
MBIA's AAA rating was fraudulent because its thin capital base (~$5B) supported $1 trillion in liabilities including subprime mortgage guarantees, making insolvency inevitable under any housing stress
“we bet that a company with a AAA rating was going to go bankrupt and we made 354 times our money”
The Citadel Finance Speaker Series Featuring Bill Ackman
Uber functions as a capital-light royalty business — collecting ~20% of ride revenue without owning cars or employing drivers — making it a durable, compounding platform if its network dominance persists for decades.
“they get a royalty, let's call it 20% of the ride... that's an amazing business”
90d +9.8% · 180d +3.4% · 1y -16.5%
Billionaire Bill Ackman's Key To Long Term Investment Success
Ackman views current tariff-driven disruption as short-term and not permanently damaging to Chipotle's earnings power, and the stock historically became cheap quickly as earnings grew after purchase despite not looking cheap at entry
“I don't think it's likely to have permanent effects”
90d -14.3% · 180d -37.0% · 1y -35.4%
Bill Ackman talks tariffs and how he wants to recreate Berkshire Hathaway's success
Said again: 2025-06-05 (Bill Ackman)
Pershing Square is investing $900M at $100/share (vs. ~$65 market price) to transform Howard Hughes into a Berkshire Hathaway-style permanent capital vehicle, with its master-planned community business now generating cash and offering a long-duration…
“We're paying $100 a share for a stock that was trading at 65, right? So obviously we think there's enormous value in the company”
90d -1.1% · 180d +13.0% · 1y -8.7%
Bill Ackman talks tariffs and how he wants to recreate Berkshire Hathaway's success
Said again: 2025-05-05 (Bill Ackman), 2025-06-05 (Bill Ackman)
2025-05-05
BRK
bullish
Bill Ackman · video
Berkshire's culture, principles, governance, and $350B cash cushion plus capable management team make it resilient post-Buffett, with likely capital returns via dividends and buybacks supporting the stock
“I wouldn't bet against Berkshire”
Pershing Square CEO Bill Ackman: I wouldn't bet against Berkshire post-Buffett
2025-05-05
INSURANCE FLOAT / BUILDING AN INSURANCE COMPANY
bullish
Bill Ackman · video
Building a greenfield insurance company avoids inheriting legacy liabilities and captures float economics that Ackman explicitly finds attractive, with a top executive already in early discussions
“I like the idea of building from scratch because you don't assume a bunch of other people's kind of liabilities”
Pershing Square CEO Bill Ackman: I wouldn't bet against Berkshire post-Buffett
2025-05-05
PRIVATE-EQUITY-BACKED ANNUITY/LIFE INSURANCE WRITERS (APOLLO, BROOKFIELD)
bearish
Bill Ackman · video
The annuity/life insurance space tied to private credit spread plays is becoming increasingly crowded, compressing margins and making pricing unattractive — echoing Buffett/Jain's view that Berkshire is waving the white flag on that business
“that business is I would say getting more crowded over time”
Pershing Square CEO Bill Ackman: I wouldn't bet against Berkshire post-Buffett
Activist-driven management transformation turned Canadian Pacific from the worst-run railroad in North America (lowest margins, lowest growth) into a world-class operator under Hunter Harrison and successor Keith Creel, and Ackman has re-established a major…
“Keith... in many ways he's actually better than Hunter... we're now again a major owner”
90d -2.5% · 180d -5.8% · 1y -7.2%
2024-02-20
UMG
bullish
video
Universal Music Group owns a third of global recorded music with an irreplaceable catalog (Beatles, Rolling Stones) and unmatched artist-development capability, while the shift to streaming creates predictable, growing subscription revenue that can be modeled…
“the company basically owns a third of the global recorded music... music is forever”
Chipotle's stock fell 50% on a recoverable food-safety issue while its durable moat—fresh sustainable ingredients, proprietary farmer relationships, and a uniquely differentiated fast-casual brand at high quality under $20—remained intact; recruiting Brian…
“it's the highest quality food you can get... a serious dinner for under 20 bucks... very hard to replicate”
90d +23.1% · 180d +2.0% · 1y +4.3%
The market overreacted to the AI scare and drove Google to ~15x earnings—an extremely low multiple for a business with a dominant search/YouTube franchise, more AI training data than almost any company, and AI capabilities that are tied or ahead of…
“we still think it's probably the cheapest of the big seven companies in terms of price you're paying for the business”
90d +25.4% · 180d +18.2% · 1y +31.8%
2024-01-13
Long Dur Treasuries
owns
Bill Ackman · video
With inflation cooling meaningfully, real interest rates are very high and the Fed will be forced to cut rates multiple times, making long-duration bonds attractive
“at 5% I thought the 30 year had gone far enough, we went long the five-year and the one year”
90d -3.9% · 180d +0.6% · 1y -6.2%
Watch CNBC's full interview with Bill Ackman on fighting antisemitism, the 2024 election and more
2024-01-13
US INTEREST RATE CUTS (FED POLICY)
bullish
Bill Ackman · video
Inflation is cooling very meaningfully while real cost of money remains very high, forcing the Fed to cut rates at least three times and possibly more in the near term
“the real cost of money is very high right now so I think they're going to have to move early”
Watch CNBC's full interview with Bill Ackman on fighting antisemitism, the 2024 election and more
2023-09-28
Long Dur Treasuries
bearish
Bill Ackman · video
Structural inflation will remain persistently above 3%, supply of bonds is overwhelming buyers (China, Saudi Arabia selling), and the US deficit requires massive continued issuance, making 4.7% on a 30-year contract inadequate compensation
“you're not being paid enough to enter into a 30-year contract with the US government at a fixed price”
90d -14.8% · 180d -7.8% · 1y -15.6%
Billionaire investor Bill Ackman at CNBC's Delivering Alpha Summit — 9/28/2023
2023-09-28
UMG
bullish
Bill Ackman · video
Universal Music functions as a royalty on all music consumption globally, collecting fractions of a penny per stream, giving it inflation-resistant revenue that grows as listening expands regardless of macro environment
“Universal Music which is a royalty on listening to music if there's music playing out there Universal is getting a fraction of a penny”
Billionaire investor Bill Ackman at CNBC's Delivering Alpha Summit — 9/28/2023
Restaurant Brands operates as a royalty on people eating at its franchise concepts, with revenues that naturally inflate alongside prices while asset-light franchise costs remain controlled, making it resilient in a persistent inflation environment
“Restaurant Brands is a royalty on people eating at Burger King or any of their various concepts”
90d +18.0% · 180d +19.3% · 1y +9.7%
Billionaire investor Bill Ackman at CNBC's Delivering Alpha Summit — 9/28/2023
Hilton's fee-based franchise model acts as a royalty on travel and hospitality spending, with revenues that rise with inflation while the asset-light structure limits cost exposure, fitting the portfolio's mandate for pricing-power businesses
“Hilton is a royalty on people staying in hotels and eating and drinking and going to events”
90d +18.2% · 180d +38.9% · 1y +53.0%
Billionaire investor Bill Ackman at CNBC's Delivering Alpha Summit — 9/28/2023
Showing the 60 most recent of 95 tracked stances.
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