Bill Ackman

“I had like five million dollars invested in his holding company, Pershing Square Holdings.”

“He's done amazingly well. I don't know if you saw, I think you guys talked about it on the pod, but he had a bet where he invested twenty five million and it turned into 2.7 billion.”

“And as I dug into it, I realized that it perpetually trades at a discount to the net assets there. So if there's a hundred dollars worth of stocks, it trades at about 70 dollars, meaning that the market could go down 30% before you've lost any money in the por…”

“Like he last year, he turned twenty five million dollars into 2.7 billion. And I got to ride along with him on that.”

“If you actually look at the timeline, he'd already sold out of that position when he went on CNBC.”

“So now it's up to 2.6 million dollars of other people. So Bill Ackman put up a 150 K Dave Rubin, Rubin, a hundred K Patrick Patrick, that David, a hundred K I think even like Andrew Tate is now offering five.”

“And so I ended up bidding 57,000 dollars to go have lunch with him. And my bet was I had no expectation there'd be any business to do because he's a hedge fund manager. I'm a tech investor. But I knew he'd be, like, an interesting person to meet, and so I went…”

“And so what Bill Ackman does is he goes and he immediately texts the CEO of Visa, and he sends him the article. He's like, your company is enabling this. These guys are making money off of this. You better do something about this. And the CEO of Visa is like, …”

“He says, the operating margin would be a -40% without distributions from its endowment.”

“Enrollment has been flat over the last 20 years. Faculty growth has been modest, you know, growing at half a percent, but administration growth has grown by 40% in 20 years.”

“Alright, so he bought, let's see, one hundred seventy-eight million shares, at three dollars and 15 cents a share. So he spent five hundred sixty million dollars after four hours of thinking. And his estimate was that it was going to be worth more than double …”