#413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech

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/
YouTube Full Episodes: https://youtube.com/lexfridman
YouTube Clips: https://youtube.com/lexclips


SUPPORT & CONNECT:
– Check out the sponsors above, it’s the best way to support this
podcast
– Support on Patreon: https://www.patreon.com/lexfridman
– Twitter: https://twitter.com/lexfridman
– Instagram: https://www.instagram.com/lexfridman
– LinkedIn: https://www.linkedin.com/in/lexfridman
– Facebook: https://www.facebook.com/lexfridman
– Medium: https://medium.com/@lexfridman


OUTLINE:
Here’s the timestamps for the episode. On some podcast players
you should be able to click the timestamp to jump to that
time.
(00:00) – Introduction
(08:55) – Investing basics
(13:47) – Investing in music
(22:08) – Process of researching companies
(26:47) – Investing in restaurants
(32:16) – Investing in Google
(37:58) – AI
(43:13) – Warren Buffet
(45:22) – Psychology of investing
(54:53) – Activist investing
(1:04:41) – General Growth Properties
(1:20:57) – Canadian Pacific Railway
(1:28:21) – OpenAI
(1:32:32) – Biggest loss and lowest point
(1:47:21) – Herbalife and Carl Icahn
(2:04:11) – Oct 7
(2:10:42) – College campus protests
(2:29:09) – DEI in universities
(2:50:00) – Neri Oxman
(3:15:30) – X and free speech
(3:19:54) – Trump
(3:27:30) – Dean Phillips
(3:34:36) – Future