cover of episode #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech

#413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech

2024/2/20
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本杰明·格雷厄姆的《聪明的投资者》强调价格与价值的区别,投资应关注价值而非短期价格波动。价值投资的核心在于对企业未来现金流的准确预测,并以低于其内在价值的价格进行投资。投资与投机最大的区别在于对资产价值的理解,投资需要深入研究,而投机则盲目追涨杀跌。

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Bill Ackman discusses how Benjamin Graham's 'The Intelligent Investor' influenced his investment philosophy, emphasizing the importance of understanding the difference between price and value.
  • Benjamin Graham's book was influential in Ackman's career.
  • Understanding the difference between price and value is crucial.
  • The stock market should be seen as a service, not a challenge.

Shownotes Transcript

Bill Ackman is an investor who has led some of the biggest and controversial financial trades in history. He is founder and CEO of Pershing Square Capital Management. Please support this podcast by checking out our sponsors:

Transcript: https://lexfridman.com/bill-ackman-transcript

EPISODE LINKS: Bill's X: https://twitter.com/BillAckman Pershing Square Holdings: https://pershingsquareholdings.com/ Pershing Square Foundation: https://pershingsquarefoundation.org Neri Oxman conversation: https://www.youtube.com/watch?v=XbPHojL_61U Books mentioned: The Intelligent Investor: https://amzn.to/3ONnaZy America's Cultural Revolution: https://amzn.to/3SDz1dY

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OUTLINE: Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time. (00:00) - Introduction (08:55) - Investing basics (13:47) - Investing in music (22:08) - Process of researching companies (26:47) - Investing in restaurants (32:16) - Investing in Google (37:58) - AI (43:13) - Warren Buffet (45:22) - Psychology of investing (54:53) - Activist investing (1:04:41) - General Growth Properties (1:20:57) - Canadian Pacific Railway (1:28:21) - OpenAI (1:32:32) - Biggest loss and lowest point (1:47:21) - Herbalife and Carl Icahn (2:04:11) - Oct 7 (2:10:42) - College campus protests (2:29:09) - DEI in universities (2:50:00) - Neri Oxman (3:15:30) - X and free speech (3:19:54) - Trump (3:27:30) - Dean Phillips (3:34:36) - Future