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The All-In Liquidity Summit brought limited partners, fund managers, investors and elite entrepreneurs to Napa Valley. Among them was billionaire investor Bill Ackman, who took a pair of companies public on the New York Stock Exchange this spring. He sat down with our Christian Chollar to talk more about this and his overall investment strategy.
Check it out. Our model is to find the best companies in the world. Hopefully, even for a short time, at attractive valuations, the . And we recently expanded this access to retail investors, how so? SA, which is a private investment company. And it will be essentially a mirror image of our other instruments, which have historically only been offered to offshore investors, institutional or ultra-high net worth investors.
And it will be ... This is an organization, one share of which anyone can buy for $41. Why did you decide to make it public? invest capital for a few years, they can redeem a certain amount every quarter, is well suited large disappear that , the capital, essentially forever. And it gives us the opportunity to make long-term investments in a world that is by the ticker PSUS.
use the name Pershing Square, not Pershing Square Capital Management. It is now a subsidiary , GP as some call it, o company I work for, the company of which I am the CEO. business that, you know, makes ours unique is that capital is permanent. So the company itself receives commissions over time based on a growing asset base, which grows not by raising funds, although we can certainly launch new funds, but by a compound interest account.
If you know, if we are successful and we have a great year this year, our assets under management will grow, our commissions will grow, and the company's profits will grow. So they are both interesting companies. One is the diversified portfolio of Pershing Square securities. Another is the operating business.
How else would you like to see access expanded for Americans, particularly when it comes to retirement accounts? Of course. So, I would say, investing shouldn't be the size of the capital. Um, est today is typically based on net assets. I think you should be able to take an effective test. If you pass the test, you can qualify, .
What is your opinion on the market in general right now? Uh, it's really, you know, uh, I think it's hard to draw a conclusion about the market overall because it's really a bifurcated market where we find a lot of ver a pretty interesting dynamic. And you know, a lot of attention has been paid to semiconductors and memory chips, uh, IPOs that are coming up, and a lot of attention has been diverted from, uh, I would say, companies that people consider almost old-fashioned.
You know, Meta today is an old-fashioned company. Microsoft today is an old-fashioned company, and therefore they are less interesting. That's not what the hype is about. As a result, you know, these stocks are very cheap. Yes. Um, so, you know, we find a lot of cheap stocks, and, you know, the question is, are there any overvalued stocks among them?
And of course they are. The year 2026 is important. We are seeing the stock market reach 00th anniversary, yes, and the 50th anniversary. Let's start with the midterm elections. Obviously, there are stocks that you invest in as part of your Pershing Square strategy. If we see this typical volatility leading up to the?
Perhaps. You know, I would say more, and you know, the market has two components. You have ownership of shares. You have, you know, this growth in are not in the stock index, your assessment would be : you own two companies. For example, McDonald's is included in the S&P 500. Restaurant Brands, i.e.
Burger King, Tim Hortons and others, are not because they are a Canadian company. It is not included in the index. It has a relatively limited share in the index. Maybe it grows faster. This is a more diversified business. Some arguments can be made as to becomes more and more important. And in addition to the stocks that are actually in the index, the that follow the index.
So a kind are taking on ever- commitments. Uh, and they are marginal buyers and sellers of many securities. And the result is indeed greater volatility. Um, because the way these models work is that you have to , uh, what this means is that even very large companies can have their stocks fluctuate wildly if they don't meet their earnings expectations , or they change their forecasts, or, I don't know, there's some news event.
Um, and you've seen tremendous volatility, and geopolitics is adding anniversary, which will apparently be on July 4th this year. What does this mean for you? You know, that's interesting. I'm, um, turning 60, and I'm, as you know, 250. Congratulations. Thank you. 250 years sounds pretty young to me for a country, doesn't it?
It's like a quarter of my, um, life, a country only four times older than me, which I didn't think about, like, when I was 10. The country seems pretty old now, it seems like we have quite... The American experiment is very young. Um, that's one of the highlights, and I think it's important that we're close.
Um, you know, and what's amazing is that a group of relatively young guys, and they were mostly guys at the time, , created a system with freedom of speech and, um, you know, a republican, you know, nature of government that has worked, you know, for all of our problems, extraordinarily well for, um, a quarter of a thousand years. This is amazing. Thanks to Bill Ackman and Kristen Scholer for this interview.
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