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Ackman: Timidity in position sizing held back Pershing Square's results

Bill Ackman · 20VC: Doug Leone, Bill Ackman, Bill Gurley and Orlando Bravo on "Does Price Matter"; When to Pay Up vs When to Stay Disciplined, The Biggest Lessons on Price Discipline from 8 of the World's Best Investors · Feb 9, 2024 · at 12:35

Bill Ackman was not on this episode. A recording of them was played into it, so these are their words but not an appearance on 20VC. It still counts as said, and it is kept out of every score on their page.

Bill Ackman, CEO of Pershing Square, reflects on sizing an asymmetric macro interest rate trade at under 2% of capital, acknowledging that excessive caution reduced fund returns.

0:00 / 0:17exact quote · 17.3s
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“It was less than, it was about a point and a half of our, a little under two percent of our capital, but could it have been three percent? Could have been four percent for sure. And so when I look back at something like that, I would have been willing to lose more, but we had not been an active participant in the interest rate derivatives market, so we're a little timid. Timidity has held back our results for sure.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

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