Bill Ackman

Founder and CEO, Pershing Square Capital Management · 1 appearance on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investorfounderexecutive@BillAckman ↗pershingsquareholdings.com ↗Wikipedia ↗

Bill Ackman is an activist hedge fund manager who oversees concentrated public equity investments through Pershing Square Capital Management, which he founded in 2004 after co-founding Gotham Partners. He is widely recognized for high-stakes corporate campaigns and macro hedges.

13statements → 5claims → 1claims resolved → 3.69/5average certainty → 2.62/5average debate potential → 105said about them ↓

1 supported 0 partly supported 0 contradicted 2 not yet assessed 2 not checkable as stated how the 5 claims stand · each chip opens the sources

3 predictions · 2 assertions · 3 opinions · 2 insights · 3 disclosures · every statement was checked. The predictions and assertions are the 5 claims: statements the public record can support or contradict. 1 is resolved, 2 are not yet assessed, and 2 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Bill argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported

Ackman: Pershing Square dollar grew 27 to 28 times over 22 years

“So if you invested a dollar in Pershing Square, you know, 22 years ago, that's, that became you know 20 I think, I should know this number. It's like 27 or 28 times net of all fees. Okay? Over, over 22 years.”

Bill Ackman Jun 3, 2026 ▶ 27:14 Bill Ackman: Here's What the Market is MISSING

How they sound: speaking style how? →

286 words/min while actually speaking · 20.2 um and uh per 1k words

No argument clarity score for Bill Ackman: no usable question→answer exchanges on raw tape (a fair score needs 8+). We do not score a sample that small. Roundtable and news formats yield far fewer direct exchanges than interviews.

Measured by listening to the audio itself: 4,545 words across 1 episode of raw-level tape, transcribed verbatim with every um and uh kept, each one attributed only where the alignment onto our timed stream is unambiguous. These are measurements of speaking style. We do not rank them: across this corpus, fluency and argument quality are nearly uncorrelated (ρ≈0.2), and smooth talking does not signal clear thinking. How it's measured →

What they said13 What others said105 Episodes1

Everything Bill Ackman said on All-In that made the record, most notable first. Filter by type, assessment or year in the ledger →

Opinion

Ackman: Sarah Friar should be OpenAI CEO and Sam Altman chair

“I thought she should be CEO of OpenAI. I think Sam should be chair.”

Bill Ackman Jun 3, 2026 ▶ 0:37 Bill Ackman: Here's What the Market is MISSING

Opinion

Ackman: Amazon, Meta, and Microsoft are undervalued amid AI hype

“I think a similar thing is happening today, in a sense, to Amazon and Meta, Microsoft.”

Bill Ackman Jun 3, 2026 ▶ 6:40 Bill Ackman: Here's What the Market is MISSING

Disclosure

Ackman: Howard Hughes will reinvest all cash flow into insurance

“What we're doing is instead of reinvesting all the cash the business generates into real estate, we're going to reinvest all the cash into insurance.”

Bill Ackman Jun 3, 2026 ▶ 21:43 Bill Ackman: Here's What the Market is MISSING

Prediction Open · timeframe Jun 2029

Ackman aims to build Howard Hughes from $4B to $1T market cap

“The company's got like a four billion dollar market cap, and the goal is to build it into a trillion dollar thing over time.”

Bill Ackman Jun 3, 2026 ▶ 22:28 Bill Ackman: Here's What the Market is MISSING

Insight

Ackman: A higher stock price increases a company's underlying value

“The fascinating thing about liquidity and valuation is The higher a stock price goes, and it's gonna sound sort of intuitive, but it's not, the more valuable the company becomes. You know, there's actually the increase in value of the company increases the val…”

Bill Ackman Jun 3, 2026 ▶ 25:38 Bill Ackman: Here's What the Market is MISSING

Opinion

Ackman: Elon Musk's army of online followers enabled Tesla to be built

“He builds an army of believers and followers that enabled Tesla to be built,”

Bill Ackman Jun 3, 2026 ▶ 26:09 Bill Ackman: Here's What the Market is MISSING

Assertion Not checkable as stated

Ackman: I know almost every S&P 500 CEO directly or once removed

“I know pretty much every CEO in the S&P, either directly or one person removed”

Bill Ackman Jun 3, 2026 ▶ 3:17 Bill Ackman: Here's What the Market is MISSING

Insight

Ackman: The best investments require no board seat or intervention

“The best investments are one where you don't need to join the board and do anything.”

Bill Ackman Jun 3, 2026 ▶ 3:54 Bill Ackman: Here's What the Market is MISSING

Prediction Not checkable as stated

Ackman: High-priced niche software companies face severe AI disruption risk

“I think there have been sort of monopolistic type profit taking off of customers. When someone had a kind of a niche software product, they're charging, you know, 30,000 a year or something like this. I think those companies are really at risk.”

Bill Ackman Jun 3, 2026 ▶ 7:14 Bill Ackman: Here's What the Market is MISSING

Prediction Open · timeframe Jun 2029

Ackman: Amazon will have to become an even bigger SpaceX customer

“Even Amazon is going to have to become an even bigger customer because they're not, you know, Blue Origins, you know”

Bill Ackman Jun 3, 2026 ▶ 12:19 Bill Ackman: Here's What the Market is MISSING

Disclosure

Ackman: Viral March 2020 CNBC interview was intended to reach Trump

“I was concerned about the country because I felt we needed to have a, basically a two-week pause. You know, this is March of or February. I guess it was March. And I assumed we were going to just do a short-term shutdown, let the virus cool down, as hospitals …”

Bill Ackman Jun 3, 2026 ▶ 9:10 Bill Ackman: Here's What the Market is MISSING

Disclosure

Bill Ackman discloses investments in X, xAI, and SpaceX

“I actually invested in X. I invested in XAI. I'm in an SPV. Ron Barron said, Bill, you gotta invest in SpaceX. So I, so I'm in”

Bill Ackman Jun 3, 2026 ▶ 12:44 Bill Ackman: Here's What the Market is MISSING

Assertion Supported

Ackman: Pershing Square dollar grew 27 to 28 times over 22 years

Bill Ackman Jun 3, 2026 ▶ 27:14 Bill Ackman: Here's What the Market is MISSING

The other half of the tape: Bill Ackman's own voice is left out of every number here. Other people bring the name up 98 times in 35 episodes on All-In. 7 statements on the record name them. every mention, with the transcript →

Who brings them up most David Sacks 33 David Friedberg 27 Chamath Palihapitiya 19 Jason Calacanis 18 Brad Gerstner 1

Statements about Bill Ackman, by other people (7)

Opinion

Gerstner: Bill Ackman's call for 6-8% Fed rate hikes is misdirected

“However, the hyperventilation this week by Bill Ackman on Twitter, that the Fed needs to be doing radically more, that somehow we need to be raising rates to six, seven, eight percent in order to squash inflation, to me seems highly misdirected and totally out…”

Brad Gerstner May 27, 2022 ▶ 29:18 E83: Market slide continues, and how to address Uvalde

Opinion

Calacanis defends Bill Ackman boycotting Harvard students who signed anti-Israel letter

“So, no, I don't think he's out of line. I think it's an important lesson for people. This is not freedom of speech. This is owning your words. You must own your words and position, and it's important that young people learn this now.”

Jason Calacanis Oct 13, 2023 ▶ 42:41 E149: Hamas terror attacks in Israel: fallout, reaction, next steps

Opinion

Sacks: Bill Ackman's presence on X is a huge positive asset

“And I actually think that Ackman's presence on Twitter X is a huge positive for him. It's an asset because he has a gigantic followership and he's able to speak directly to his audience in the way that we do.”

David Sacks Aug 2, 2024 ▶ 1:16:17 Kamala surges, Trump at NABJ, recession fears, Middle East escalation, Ackman postpones IPO

Assertion Supported

Friedberg: Bill Ackman turned $27M hedge into $2.6B return

“He turned a twenty seven million dollar insurance instrument into 2.6 billion of returns for his fund, and he still didn't sell his portfolio.”

David Friedberg Dec 18, 2020 ▶ 48:15 E15: “The Besties” All-In’s inaugural award show covering the best, worst & most memorable of 2020

Assertion Supported

Chamath: Bill Ackman and Ken Griffin recently turned negative on markets

“Ackman's been negative. Ken Griffin recently turned negative.”

Chamath Palihapitiya Apr 26, 2025 ▶ 4:00 Trump Rally or Bessent Put? Elon Back at Tesla, Google's Gemini Problem, China's Thorium Discovery

Assertion Supported

Chamath: Bill Ackman's bond call was right with 10-year yield below 4%

“That bond call was totally right. You know, the 10 years now sub four percent.”

Chamath Palihapitiya Dec 16, 2023 ▶ 1:34:34 E157: Epic legal win, OpenAI's news deal, FCC targets Elon, the limits of free speech & more

Assertion Supported

Sacks: Bill Ackman covered bond short at peak 10-year yield

“He shorted bonds for most of the year, making hundreds of millions of dollars, and then on October 23rd, he announced that he was covering his positions, and that it was too risky to stay short in bonds, and he was going long. And that very day was the high po…”

David Sacks Dec 29, 2023 ▶ 45:48 E159: The Bestie Awards! Recapping the best and worst of 2023