The Knowledge Project with Shane Parrish

Bill Ackman is the founder and CEO of Pershing Square Capital Management, one of the most closely watched investment firms in the world.

In this conversation, he breaks down how he tells the difference between real innovation from hype, what he looks for before making a billion-dollar investment, and why he sold Netflix—and later bought it back. He also shares the mistakes that reshaped his investment process and his plan to build a modern-day Berkshire Hathaway.

Bill also opens up about something far more personal: his daughter Lucy’s sudden brain hemorrhage, the hours before surgery, and her ongoing recovery. He describes running his business from a hospital room and the institute he and his wife are building to help other families facing similar challenges.

Enjoy!

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Chapters:

(00:00) His daughter Lucy’s brain hemorrhage and recovery

(05:17) Plans for a brain rehabilitation and recovery institute

(11:54) Hope for recovery after strokes, brain injuries, and more

(15:25) How wearable health data could help identify medical emergencies

(16:18) Tools for maintaining mental health in a crisis

(17:17) Building a team and culture

(24:13) How Bill defines an investment bubble and the role of FOMO

(24:43) Bubble-like behavior in venture investing

(26:54) Why founders should raise capital carefully

(29:01) Weighing the founder more than the original idea

(30:57) The businesses that will win the AI-era

(39:12) Pershing Square’s investment checklist

(40:07) The personal and financial costs of short selling

(43:53) AI infrastructure, physical assets, and the value of shared human experiences

(48:25) Advice for individual investors considering index funds

(48:59) Starting young, investing for the long term, and the power of compounding

(50:27) Why Pershing Square sold Netflix

(53:55) How Howard Hughes emerged from the General Growth restructuring

(54:29) The long-term economics of master-planned communities

(1:02:14) The key ingredients behind Berkshire Hathaway’s long-term success

(1:06:48) Bremont watches

(1:11:48) Bill’s process for identifying and recruiting CEOs

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Follow Bill Ackman:

X: ⁠https://x.com/BillAckman⁠

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Note: ‍Shane and guests may hold positions in assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security. Always do your own due diligence or consult with a qualified financial advisor before making investment decisions.

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