Bill Ackman: SVB Collapse; Biden vs Trump; How I Lost $400M on Netflix; Bill's 10-Year Long | E991

Bill Ackman is the CEO of Pershing Square Capital Management, L.P., an SEC-registered investment adviser founded in 2003. Pershing Square is a concentrated research-intensive fundamental value investor in long and occasionally short investments in the public markets. Bill is also a member of the board of Universal Music Group N.V. He serves as a member of the Investor Advisory Committee on Financial Markets for the Federal Reserve Bank of New York, and a member of the Board of Dean’s Advisors of the Harvard Business School. Prior to forming Pershing Square, Mr. Ackman co-founded Gotham Partners Management Co., LLC.

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Timestamps:

0:00 Intro
0:40 How Bill Raised His First Fund
4:13 Bill’s Relationship with David Berkowitz
6:40 How Bill Decides Who to Trust
8:27 What is Bill running from/towards?
10:26 Losing $400M on Netflix
18:19 Tips for Position-Sizing
23:35 Why Bill Posts on Twitter
26:58 The SVB Banking Crisis
42:31 Bill’s Relationship to Money
45:58 Tips for a Happy Marriage
49:26 Tips for Raising Kids as a Rich Person
51:50 The Trend Most Investors Are Missing
52:48 Who Bill Most Admires
53:50 Bill’s Favorite 10-Year Long & Short
55:08 Why Bill’s SPAC Failed
57:26 Bill’s Idea to Fix Income Inequality
1:00:42 Problems with the Tax Code Today
1:03:35 What scares Bill Ackman about the economy?
1:05:40 Will America be stronger or weaker in 10 years?

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In Today’s Episode with Bill Ackman We Discuss:

1.) From HBS to Starting Your First Fund:

How did Bill go from HBS to raising his first fund in Gotham Partners? How was that first fundraise?
From 100 meetings, what worked? What did not work? What were the core fundraising lessons?
What did Bill learn about great partnerships from his time with David building Gotham?

2.) Bill Ackman: A Winner’s Mindset: How To Deal with the Highs and Lows:

On reflection, what have been the most challenging times for Bill professionally?
What does he say to himself when he is going through the hardest times? What is his mind talk?
When the war is lost and it is time for learning, how does Bill reflect and learn from losses?
Bill has previously described himself as “the most persistent man in America”. How does Bill know when enough is enough, he was wrong and it is time to change his approach?

3.) Bill Ackman: SVB + Bank Runs and The Future of our Financial System:

Why does Bill believe that the depositor guarantees for SVB and Signature Bank have created a “Three Tier Banking System”? What are those three tiers?
Why does Bill believe that SVB is now the safest place to deposit your money? Why is First Republic Bank and SVB very different in terms of their exposure?
What can be done to prevent further bank runs? What should the Fed be doing? Why are they not doing it? What would Bill do if he was in charge of the Fed?
Why does Bill believe the current levels of FDIC insurance are insufficient and outdated? What should be used in their place?

4.) Bill Ackman: The World Around Us & Potential Politician

Why does Bill want Jamie Dimon to run for President? If it is Trump vs Biden, who wins?
Why does Bill believe Biden’s tax policies destroy the US economy? What should we have instead?
Why does Bill believe we should give every newborn baby $6,500 and invest it for them when born?
What are Bill’s 10-Year Long’s and 10-Year Shorts? Why them?
Would Bill ever run for politics? When is the right time?

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#BillAckman #HarryStebbings #SVBcollapse #pershingsquare

[veronica.baker]

The impact of the SVB and SI crises has been clear as day on the regional bank ETF (KRE), which has taken a nosedive by more than 20%. This has triggered a ripple effect, causing a drop in the overall market. But, as history has shown us, a localized and narrow contagion like this presents a ripe opportunity to invest in solid and fiscally responsible companies that have substantial cash reserves on hand.

[alexsteven.m]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market

[LouisianaHuff]

This year has proven challenging, marked by losses from failed banks, real estate downturns, a struggling economy, and setbacks in stocks and dividends. It seems like everything has been going wrong, making it a particularly tough period.

[kortyEdna]

Banks are selling mortgages. People always say it's a good option to buy at discount, but with the market turmoil and everything at stake in present economy, I'm thinking of buying stable coin to hedge against inflation, or is it all right saving over 350k ?

[laliteraturaesvida]

This was great. He is a really cool guy. It’s funny how he uses trading terms to describe his life. ‘volatility in my marriage’ ‘dips in my life’

[darnellcapriccioso]

I am extremely concerned about the ongoing banking crisis, especially since even a large institution like SVB is at risk of failing. I am worried about the potential impact on other banks as well. A friend of mine who runs a high-growth startup was severely affected by the bank run. Consequently, I withdrew over $340k from my bank, knowing that the FDIC only covers up to $250, 000, and the repercussions of a collapse could be severe. As a result, I am now considering investing in the stock market. Can anyone advise me on how to proceed?

[Emmacurtis]

Silicon Valley Bank (SVB) was the 16th largest bank in the US, and it wasn't subject to the most strict controls. How many banks actually are subject to those controls, besides the big four? Any bank could suffer a run and fail, and if that happens to a community level or even state level bank it probably won't upset the national economy or ecosystem of banks, but any multi-state bank should be more closely watched.

[JG-rebb]

Whether you love him or hate him, you have to admit that Ackman is a very articulate and interesting interviewee

[NicholasPalance]

Bill, you show me a pay stub for $72, 000 dollars, I quit my job right now and I work for you.

[ll-vjuu]

This is by far the best interview I've seen with him. Really great and original questions!

[seanflynn]

This Harry Guy is incredibly annoying.

[dorissteve]

There might be an economical turmoil but there is no doubt that this is still the best time to invest.

[davidr]

These softball interview questions are worthless. Why not ask Ackman about Herbalife? How could you have 1 hour interview and not ask him this question? Instead you ask him a silly question of "what are you running away from."

[trdfrguson]

So glad to hear someone say that on balance, successful businesses benefit society more than philanthropy.

[chintandobariya]

“Open immigration and allow people to come in usa”: smart move. You getting young people to work without investing in upbringing 😂😂

[adrianaadnan]

Was this before he married Victoria Beckham or after? Lol😅 lol .. david who?

[rafaelrosa]

this was a great session.

Loved the questions. Bill should do more long-form content like this. Insightful.

[rkalla]

Never watched this channel but interviewer had GREAT thoughtful questions.

[jasoncousar]

First time ever hearing the host podcast.. only came for Ackman. But this guy asks some stupid questions.

[lamb]

Best ever interview with BA. This should be a monthly thing, getting Bill's thoughts on everything that's happened in the past month.