Value Investing with Legends Bill Ackman - Evolving Investment Playbook, From MBIA to Moats
25 snips
Oct 10, 2025 
Bill Ackman, the Founder and CEO of Pershing Square Capital Management, shares his remarkable investment journey. He recounts his pivotal shorting of MBIA and the major lessons learned from the Valeant disaster. Ackman emphasizes the significance of a permanent capital structure and how it shaped his investment strategy. He also dives into his philosophy on durable moats, concentrated investing, and the impact of AI on markets. With a blend of optimism and concern, Ackman reveals what inspires him about the future in the world of finance.
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Learning To Decide For Yourself
- Bill Ackman tells a teen near-death moment changing a tire that taught him to listen but make his own decisions.
- He uses this story to explain independence and ownership of risk in his life and career.
Writing And Grit Shape Investors
- Bill credits Harvard for teaching him how to write clearly and test thinking by putting it on paper.
- He also stresses rowing and sales as formative for persistence and persuasion in investing.
Buying The Farm Case
- Ackman discovered Farmer Mac's AAA claim was false and published a white paper called "Buying the Farm."
- He bought credit default swaps and profited as the market re-priced the company's real risk exposure.
