Bill Ackman - Evolving Investment Playbook, From MBIA to Moats

In this episode of the Value Investing with Legends podcast, Michael Mauboussin and Tano Santos interview Bill Ackman, founder and CEO of Pershing Square Capital Management. Ackman shares early life experiences that shaped his independent decision-making, his academic experiences at Harvard, and his early career moves into real estate financing and hedge fund management. He discusses his investment strategies, including activist shorting as seen with Farmer Mac and MBIA, and the evolution of Pershing Square, emphasizing the importance of permanent capital and a concentrated investment approach focused on durable growth companies with strong moats. Ackman also touches on the impact of AI on the investment industry, his involvement with the Pershing Square Value Investing and Philanthropy Challenge at Columbia Business School, and concludes with his concerns about political assassinations and his optimism for peace in the Middle East, recommending books on Berkshire Hathaway and compounders.