Bill Ackman on building the next Berkshire, AI & his next 10-bagger
Bill Ackman turned a two-person investment club into Pershing Square, a $33 billion investment giant built on high-conviction bets and some of Wall Street’s most famous battles. In New York, Bryce & Ren sit down with the billionaire investor to get his take on whether AI is a bubble, why he sold Alphabet and bought back into Netflix, and his plan to turn Howard Hughes into a modern-day Berkshire Hathaway. Plus, a surprising story about Warren Buffett, and Bill gives his verdict on Bryce & Ren’s own portfolios. In this episode: 00:00 Bill Ackman's Biggest Wins, Losses And Lessons 07:15 Inside The Pershing Square Empire 09:42 Is AI The Biggest Investment Opportunity Or A Bubble? 11:03 Could AI Become A Threat To Humanity? 14:31 Why Bill Is Bullish On Big Tech's AI Spending 16:42 Interest Rates, Inflation And The Fed's Next Move 21:39 Where Bill Sees Opportunities And Hidden Risks 24:40 The Investment Philosophy Behind His Billions 28:09 Why Bill Ackman Is No Longer An Activist Investor 30:02 What Makes A Business Almost Impossible To Disrupt? 32:02 Why He Only Owns A Handful Of Stocks 35:32 Why Bill Sold Netflix And Then Bought It Back 38:19 Why He Sold Alphabet But Still Owns Big Tech 41:08 How Bill Judges CEOs And Uses AI To Research Stocks 44:10 What Warren Buffett Taught Bill Ackman 47:31 The Secret Behind Berkshire Hathaway's Success 50:09 Building The Next Berkshire With Howard Hughes 55:36 Why Insurance Is The Key To His Next Big Bet 59:24 Bill Ackman Reviews Our Stock Portfolios 01:05:37 Why Great Stocks Are Getting Cheaper 01:06:50 Bill's High-Conviction Bet On Fannie Mae And Freddie Mac 01:08:39 His Biggest Piece Of Advice For Everyday Investors Stocks & ETFs Mentioned: Pershing Square Inc. (NYSE: PS), Pershing Square USA (NYSE: PSUS), Pershing Square Holdings (LSE: PSH), Berkshire Hathaway (NYSE: BRK.B), Canadian Pacific Kansas City (NYSE: CP), Herbalife (NYSE: HLF), Bausch Health (NYSE: BHC), Wells Fargo (NYSE: WFC), Blackstone (NYSE: BX), KKR (NYSE: KKR), Howard Hughes Holdings (NYSE: HHH), Meta Platforms (NASDAQ: META), Microsoft (NASDAQ: MSFT), Amazon (NASDAQ: AMZN), SpaceX (NASDAQ: SPCX), Apollo Global Management (NYSE: APO), Uber (NYSE: UBER), Restaurant Brands International (NYSE: QSR), Wendy’s (NASDAQ: WEN), Netflix (NASDAQ: NFLX), Alphabet (NASDAQ: GOOGL), Visa (NYSE: V), Mastercard (NYSE: MA), Simon Property Group (NYSE: SPG), Apple (NASDAQ: AAPL), Axon Enterprise (NASDAQ: AXON), Eli Lilly (NYSE: LLY), Spotify (NYSE: SPOT), Universal Music Group (Euronext Amsterdam: UMG), Intuitive Surgical (NASDAQ: ISRG), TransMedics (NASDAQ: TMDX), MercadoLibre (NASDAQ: MELI), Sea Limited (NYSE: SE), Fannie Mae (OTC: FNMA), Freddie Mac (OTC: FMCC) ——— Want to get involved in the podcast? Record a voice note or send us a message And come and join the conversation in the Equity Mates Facebook Discussion Group. ——— Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we’ve got you covered. Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify) We