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welcome to episode 469 bill ackman hi lessons this is an outline of episode 469 lesson 1 to lesson 5 this is an outline of episode 469 lesson 6 to lesson 9 lesson number one he's a roller-coaster hedge fund manager he did extremely well the first 10 years he was speeding the S&P 500 by about 300% then he did poorly for the next three years that's a number two he takes a concentrated portfolio you only invest two to three times a year so his portfolio has about 25 positions I'm longer term I'm not a traitor what we do is we take large concentrated positions and generally very well-known companies and we work with them for years that little 34 cents stock today is worth thirty four dollars about five years after we made the investment and the shareholders have made a hundred times their money now there aren't a lot of people upset with me about that particular situation because everyone wins lesson number three pal icon 1.0 - cow icon 2.0 now icon is the father of activist investment so you know if you think about Carl Icahn 1.0 which I I watched in the 80s when I was in college there's that put them in a position where they could take an underperforming company and threaten it with a change of control but that was more in that model Carl was more about him and not it was helpful to the other shareholders if he catalyze change but you know sometimes Carl walked away with a profit when he got bought out by CEO just want to get rid of him what changed in Carl Icahn 2.0 and I think what we've liked about Cheryl directors and I've been an activist since 92 when I went into the business is that the only way Carl is successful is if all of the other shareholders benefit along with him and Carl's not going to be successful at the other shareholders you know Carl owns nine percent of whatever company or 5% or 6% family dollar make up the name once he has the support of the other holders he's not going to succeed number four he imploded 2015-2016 he lost about 20 percent a year as a result is under management problem 20 billion dollars in 2015 to eight billion dollars in 2019 lesson number five bad publicity Edmund became a lightning rod taking controversial public positions that's what I did here you want to be the champion of transparency be the champion of shareholder you know I'm a representing the shareholders I wanna be a champion of the company and the shareholders and when I'm concerned about the direction of a business I'm not afraid to air those concerns well more than that though I mean you are lightning rod I mean you get engaged in all of these you know public disputes with people and Loeb for example Herbalife will talk about that Carl Icahn says I'm telling you he's like a crybaby in the schoolyard I want to it I went to touch school in Queens you know and they used to beating up the little Jewish boys he was like one of the little Jewish boys crying this kind of language listen number six thorough research it was said he spent fifteen million dollars to research Herbalife Carl Icahn is one of the great back-of-the-envelope investors of all time he's made 22 billion dollars on the back of an envelope a Carl Icahn didn't do the kind of due diligence we did but the nutrition club thing is designed to be secretive okay this is you know what ingenious fraud we had investigators go in and become part of the program and we took a record of those meetings we enrolled in training programs and we had and we observed all of the laws in doing so with the assistance of our counsel listen number seven he's a candid man he says what he means I would say we have a different approach but I think what I respect about Carl is he says what he thinks and to his point there are a lot of people who are not prepared to stand their ground speak their opinion say some things that might be uncomfortable for other people to hear you know it's that's important lesson number eight what is a good business hint his criteria very similar to Warren Buffett call them simple predictable free cash flow generative dominant companies businesses with a mode around them and the way we make these decisions as we do our analysis and then we look for a company you can buy at a very deep discount to what it's worth and if the discount is a management issue a strategy issue a cost structure issue a hidden asset issue the problem that we can solve and then we work to solve the problem that's at number nine he represents owners voice and interests and the vast majority of capital today is passively managed and you have this huge separation between the people who put up the capital and the people making decisions at the corporate level and that distance creates the risk if you look at Japan you know I think it'd be inefficiencies in the Japanese economy the 20-year recession worst recession that they're trying to dig themselves out of I think a lot of that has to do with the governance structure and the cross ownership and the inability for the owners have a voice it's thank you for watching please subscribe and leave your comments and questions below wishing everyone peace and prosperity
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