Bill Ackman: People are Going to Lose a Lot of Money
Podcasts ##podcasts#Decision Making#Farnam Street#interview#Mental Models#podcast#Shane Parrish#shane parrish the knowledge project#The Knowledge Project
Bill Ackman is the founder and CEO of Pershing Square Capital Management, one of the most closely watched investment firms in the world.
In this conversation, he breaks down how he tells the difference between real innovation from hype, what he looks for before making a billion-dollar investment, and why he sold Netflix—and later bought it back. He also shares the mistakes that reshaped his investment process and his plan to build a modern-day Berkshire Hathaway.
Bill also opens up about something far more personal: his daughter Lucy’s sudden brain hemorrhage, the hours before surgery, and her ongoing recovery. He describes running his business from a hospital room and the institute he and his wife are building to help other families facing similar challenges.
Enjoy!
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Chapters:
00:00 Intro
00:53 The Night His Daughter Nearly Died
08:49 His Plan to Rethink Brain Recovery
16:15 Could Her Ring Have Raised the Alarm?
17:07 How He Holds It Together
23:17 How Bubbles Pull You In
23:49 Is Venture in a Bubble?
25:23 When Easy Money Runs Out
28:05 He Hated the Idea. He Invested.
30:05 Who Actually Profits From AI?
35:53 The Rules He Carved in Stone
39:15 The Trade He Won’t Make Again
42:02 Why He Consults “Dr. Claude”
46:14 Waiting for a Cheaper Market?
48:20 Netflix: Why He Changed His Mind
51:36 Howard Hughes and The Assets Nobody Wanted
53:22 What If You Owned a City?
01:00:02 Berkshire’s Most Overlooked Advantage
01:04:36 From Watch Buyer to Company Owner
01:09:42 How He Judges CEOs in an Hour
01:14:19 What’s Left to Achieve at 60?
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Follow Bill Ackman:
X: https://x.com/BillAckman
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+ Members get the longer, extended version of this conversation, with additional content not included in the public release. Learn more: https://fs.blog/membership/
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Thank you to the sponsors for this episode:
+Applovin: Launch your first AppLovin campaign and grow your business: https://applovin.com/shane
+HeyGen is a message-first AI video platform that helps people and AI agents turn ideas into professional video in minutes. Try for free at https://www.heygen.com/tkp
+Matic: the robot vacuum that does it all—grab yourself a year of free bags here. http://maticrobots.com/shaneparrish
+LMNT: My go-to zero sugar electrolytes — get a free LMNT Sample Pack here: https://DrinkLMNT.com/TKP
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*Note:* Shane and guests may hold positions in assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security. Always do your own due diligence or consult with a qualified financial advisor before making investment decisions.
*Note:* This episode discusses health and medical topics for informational purposes only. Shane and his guest are not medical professionals, and nothing in this conversation should be considered medical advice. Please do your own research and consult a qualified healthcare professional before making decisions about your health.
*Shane Parrish*
Instagram: https://www.instagram.com/farnamstreet/
X: https://x.com/ShaneParrish
LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/
Books: https://fs.blog/books/
Website: https://fs.blog/
Newsletter: http://fs.blog/newsletter
*The Knowledge Project* is a show featuring in-depth conversations with the top CEOs, investors, and business leaders to uncover the timeless principles that drive success. Learn more at https://fs.blog/podcast
In this conversation, he breaks down how he tells the difference between real innovation from hype, what he looks for before making a billion-dollar investment, and why he sold Netflix—and later bought it back. He also shares the mistakes that reshaped his investment process and his plan to build a modern-day Berkshire Hathaway.
Bill also opens up about something far more personal: his daughter Lucy’s sudden brain hemorrhage, the hours before surgery, and her ongoing recovery. He describes running his business from a hospital room and the institute he and his wife are building to help other families facing similar challenges.
Enjoy!
-----
Chapters:
00:00 Intro
00:53 The Night His Daughter Nearly Died
08:49 His Plan to Rethink Brain Recovery
16:15 Could Her Ring Have Raised the Alarm?
17:07 How He Holds It Together
23:17 How Bubbles Pull You In
23:49 Is Venture in a Bubble?
25:23 When Easy Money Runs Out
28:05 He Hated the Idea. He Invested.
30:05 Who Actually Profits From AI?
35:53 The Rules He Carved in Stone
39:15 The Trade He Won’t Make Again
42:02 Why He Consults “Dr. Claude”
46:14 Waiting for a Cheaper Market?
48:20 Netflix: Why He Changed His Mind
51:36 Howard Hughes and The Assets Nobody Wanted
53:22 What If You Owned a City?
01:00:02 Berkshire’s Most Overlooked Advantage
01:04:36 From Watch Buyer to Company Owner
01:09:42 How He Judges CEOs in an Hour
01:14:19 What’s Left to Achieve at 60?
-----
Follow Bill Ackman:
X: https://x.com/BillAckman
------
+ Members get the longer, extended version of this conversation, with additional content not included in the public release. Learn more: https://fs.blog/membership/
------
Thank you to the sponsors for this episode:
+Applovin: Launch your first AppLovin campaign and grow your business: https://applovin.com/shane
+HeyGen is a message-first AI video platform that helps people and AI agents turn ideas into professional video in minutes. Try for free at https://www.heygen.com/tkp
+Matic: the robot vacuum that does it all—grab yourself a year of free bags here. http://maticrobots.com/shaneparrish
+LMNT: My go-to zero sugar electrolytes — get a free LMNT Sample Pack here: https://DrinkLMNT.com/TKP
------
*Note:* Shane and guests may hold positions in assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security. Always do your own due diligence or consult with a qualified financial advisor before making investment decisions.
*Note:* This episode discusses health and medical topics for informational purposes only. Shane and his guest are not medical professionals, and nothing in this conversation should be considered medical advice. Please do your own research and consult a qualified healthcare professional before making decisions about your health.
*Shane Parrish*
Instagram: https://www.instagram.com/farnamstreet/
X: https://x.com/ShaneParrish
LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/
Books: https://fs.blog/books/
Website: https://fs.blog/
Newsletter: http://fs.blog/newsletter
*The Knowledge Project* is a show featuring in-depth conversations with the top CEOs, investors, and business leaders to uncover the timeless principles that drive success. Learn more at https://fs.blog/podcast