Bill Ackman
The Activist Billionaire
Pershing Square Capital
Bill Ackman runs one of the most concentrated portfolios on Wall Street — typically just 8-12 positions with massive conviction. After a rough stretch (Valeant, Herbalife, JC Penney cost him billions), he staged one of the greatest comebacks in investing history. In March 2020, as COVID panic hit, Ackman spent $27 million on credit default swaps that paid out $2.6 billion in three weeks — a 100x return. He used the proceeds to buy stocks at the bottom. Pershing Square has compounded at 31.2% annually since 2020. He's also become one of the most influential voices on social media, using his platform to advocate for policy changes and move markets.
“Invest in high-quality, simple, predictable businesses. Take concentrated positions. Be willing to be publicly wrong. Time arbitrage is the edge — think in years, not quarters.”
COVID credit default swap hedge (March 2020)
Turned $27M into $2.6B in 3 weeks. Then deployed proceeds into stocks at the bottom.
Valeant Pharmaceuticals (2015-2017) — massive long position
Lost $4B as Valeant collapsed amid fraud allegations. Ackman's worst loss ever.
“Investing is a business where you can look very stupid for a long time before you turn out to be right.”
“I'm a simple person. I like simple businesses.”
“The market is very efficient at pricing in things that have already happened. It's very inefficient at pricing in things that haven't happened yet.”
Born in New York City
Founds Pershing Square Capital
Publicly shorts Herbalife — starts 5-year war with Carl Icahn
Exits Valeant at a $4B loss
COVID hedge: $27M → $2.6B. Buys stocks at the bottom.
Pershing Square attempts $25B IPO (eventually pulled)
| # | Ticker | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | BROOK | BROOKFIELD CORP | 61.4M | $2.8B | 18.1% |
| 2 | UBER | UBER TECHNOLOGIES INC | 30.2M | $2.5B | 15.9% |
| 3 | AMZN | AMAZON COM INC | 9.6M | $2.2B | 14.3% |
| 4 | GOOG | ALPHABET INC | 6.2M | $1.9B | 12.5% |
| 5 | META | META PLATFORMS INC | 2.7M | $1.8B | 11.4% |
| 6 | RESTA | RESTAURANT BRANDS INTL INC | 22.9M | $1.6B | 10.0% |
| 7 | HOWAR | HOWARD HUGHES HOLDINGS INC | 18.9M | $1.5B | 9.7% |
| 8 | HILTO | HILTON WORLDWIDE HLDGS INC | 3.0M | $870.0M | 5.6% |
| 9 | GOOGL | ALPHABET INC | 678.3K | $212.3M | 1.4% |
| 10 | SEAPO | SEAPORT ENTMT GROUP INC | 5.0M | $99.3M | 0.6% |
| 11 | HERTZ | HERTZ GLOBAL HLDGS INC | 15.2M | $78.3M | 0.5% |
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