저자: PaulChan · 외국인
요약 보기
빌 애크먼의 투자 이력과 허벌라이프 공매도 분쟁을 정리한 교육용 다큐 해설 영상이다. 예측이나 종목 추천은 없다. [생애·경력] 1967년 뉴욕 출생, 하버드 대학(역사, 우등) 및 하버드 경영대학원 MBA 졸업. 2004년 헤지펀드 Pershing Square 설립, 초기 자본 5,400만 달러에서 11년간 200억 달러 이상으로 성장. [투자 철학] 과거 카네기·JP모건 시대처럼 지배주주가 경영진을 교체하는 거버넌스 구조를 강조하며, 패시브 펀드 확대로 자본 소유자와 의사결정자 간 괴리가 생겨 위험이 커졌다고 주장. 일본 장기 불황의 원인으로도 지배구조와 교차 소유 문제를 지목. [주요 투자 사례] 초기 10년간 맥도날드, 웬디스, 타겟에 행동주의 투자. 보더스에서 소액 손실, MBIA 공매도로 주가 80% 이상 하락시켜 큰 수익을 내며 2015년 억만장자 등극. 이 기간 수익률은 S&P500의 약 3배. [허벌라이프 분쟁] 애크먼은 허벌라이프를 공매도, 칼 아이칸은 매수하며 공개 대립. 영상은 허벌라이프를 피라미드 구조 사기로 규정한 애크먼의 주장을 전하며, 이후 두 사람이 화해하는 과정과 아이칸의 합의 제안 일화를 소개. [후기] 밸리언트 투자에서 2년간 두 자릿수 손실, 약 40억 달러 손실로 억만장자 지위를 잃음. 이후 스타벅스 투자로 2019년 1월 재기. [결론] 진행자는 애크먼을 '롤러코스터 같은 펀드매니저'로 평가하며 초기 10년 성과는 우수했지만 이후 3년은 재앙적이었다고 정리. 다음 편은 애크먼의 교훈 9가지 예정.
다듬은 글
welcome to episode 468 Bill Ackman rollercoaster head fund manager this is an outline of episode 468 there are three reasons we study Bill Ackman first let his head fun Pershing Square to over 20 billion dollars in 11 years second he's one of the most outspoken hedge fund manager third he's involving the most publicized public fight over Herbalife with cow icon and lost almost 1 billion dollars let us meet Bill Ackman mission the companies representing that these sales and nutrition clubs are sort of you know these were like they call it we're competing against McDonald's so they say that's what DeSimone says we view our competition as McDonald's as far as I can tell McDonald's doesn't run its business this way forty to fifty percent of the revenues of the company come from a busy business method called a Nutrition Club which itself is entirely fraudulent they've got fake customers these are not customers there's are people who are buying into a mini pyramid scheme all right nothing circumstantial about it we have fact the OPEC man was born in New York City two very wealthy Jewish parents in 1967 his father is a real estate is a picture of Bill Ackman with his father Ronny Oakland in high school Bill Ackman was an outstanding tennis player in 1988 he graduated magna laude in history from Harvard College 1992 he earned his MBA from Harvard Business School in 1992 he started a hedge fund called Gotham partners in 2004 he started Pershing Square had fun with fifty-four million dollars and in a world if you think about the capital markets a hundred years ago you know Andrew Carnegie JP Morgan these guys would own you know 20% of US Steel and if the CEO wasn't doing a good job you know the owner would step in replace the CEO will replace the board and what happened at over 100 is Andrew Carnegie's heir it didn't have errors I guess he gave all the money away you had the growth of the mutual fund industry and the vast majority of capital today is passively managed extremely passively if you think about it an ETF I mean who really owns an ETF it's just a trading sardine right index funds tracking index and you have this huge separation between the people who put up the capital and people making decisions at the corporate level and that distance creates the risk if you look at Japan you know I think the the 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 back when deep very well in his first 10 years he was an activist investor in McDonald's Wendy and target he lost a little bit of money with borders but he made a killing with MBIA he shot at MBIA which is a born in shura and the stock went down more than 80 percent and Bill Ackman became a billionaire in 2015 his return was almost three times that of the S&P 500 then something went wrong you know Eklund had a public fight with cow icon and lost a lot of money basically Bill Ackman was shorting Herbalife and Carl Icahn was buying Herbalife number of stories I've heard from bankers from lawyers from people he's transacted which with where he's done similar kinds of things to take advantage of someone well the fortunate thing in life is I told Carl I would go to the end of the earth to make sure he paid my investment this was not my money these were my investors money every penny that he owed me with interest and we got and I went to the end of the day he tried to settle with me he offered ten million dollars to my favorite charity over a dinner that we had Italian restaurant nice hello so again I think this is not a great use of CNBC air time well anyways this is not an honest guy and this is not a guy who keep this word and and the great reconciliation Bill Ackman ladies and gentlemen reunited on this stage after what happened on live television nearly 18 months ago look what I would say is I respect Quarles story right he talks about actually he talked about in their interview it's kind of I had a huge head start versus Carl in terms of my grew up in an affluent community went to great public schools had a great education Carl got a little rougher start little tough little tougher start yeah and he's done incredibly well over a very long period of time you have to respect that record we had a business dispute ten years ago it took 8 years to work it out you know Carl is this persistent as I am right so I was a little Nord with him on our again way you sold this to me is Bill fifteen minutes to respond to Carl I'll call you in your office everything's fine that you didn't and Bill Ackman lost more money this time with a company called valiant he lost four billion dollars after two years double-digit loss most of his investors deserted him built Ackman also lost his status as billionaire then he made a comeback by investing in Starbuck in January 2019 Bill Ackman is again self-made billionaire what have I learned today two things first Buchanan is a rollercoaster I had fund manager he did very well in his first ten years there sever three disastrous years thank you for watching please subscribe and leave your comments and questions below my next video will be Bill Ackman nine Lessons wishing everyone peace and prosperity
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