저자: PetarPetrov,Mario · 외국인
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TradingKey 영상은 빌 애크먼의 투자 원칙 4가지(가치투자, 행동주의, 고확신 집중투자, 역발상)를 소개한다. 퍼싱스퀘어 20년간 수익률 2000% 이상 주장. 애크먼의 MBIA 공매도(2002)와 2008년 위기 시 10억 달러 이상 수익, 치폴레 행동주의 투자로 주가 9달러→55달러 상승 사례를 든다. 유니버설뮤직그룹과 우버에 대해 긍정적 장기 견해를 제시한다. 개별 자산의 1~3개월 가격 방향 예측은 없다.
다듬은 글
When we talk about the most successful investors of our time, Bill Ackman’s name is always in the mix. Clearly, he’s no average Joe. As the founder and CEO of Pershing Square Capital, his leadership has delivered over 2000% in returns since its inception 20 years ago. BUT how did he do it? What’s the secret behind his fortune?
Hi everyone, I’m Petar Petrov, senior analyst at TradingKey. In this video, we’ll unpack the key principles behind Ackman’s unique investment style, and how everyday investors like you and I can learn from his strategy. Before we begin, remember to tap the like button, and let’s get into it. Ackman is a quintessential value investor.
Just like Buffett, Ackman looks for companies with durable business moats that are undervalued by the market. His time horizon is looooong, evidently since he has held companies like Hilton and Chipotle for nearly a decade. Fun fact: over the years, Ackman’s performance has mirrored Buffett’s in many ways.
BUT make no mistake, Ackman isn’t just copying Buffett. He brings a louder and opinionated spin to value investing, and this starts with activism. While traditional value investors might take a passive stake and wait, Ackman takes action. His style is known as activist investing, by buying a significant stake in a company and then pushing for changes to unlock hidden value.
This can range from replacing management, restructuring operations, to new product launches. And if management resists, Ackman is not afraid to rally other shareholders to apply pressure. To Ackman, activism isn’t about instigating drama. It’s about catalyzing change that benefits both the business and all shareholders.
Next, Ackman believes in maintaining a high conviction approach, built, of course, on deep research and long-term belief. Pershing Square typically holds just 10 to 15 stocks, and the top three often make up nearly 50% of the entire portfolio. Stay tuned till the end of this video to find out exactly what they are!
Ackman doesn’t believe in spreading himself thin, but rather on concentrated bets where the odds are in his favor. In his words, “Most investors overdiversify because they're lazy. They haven't done enough research into any of their companies.” Ultimately, Ackman is no stranger to unpopular opinions.
In 2002, he shorted MBIA, an insurer with a pristine credit rating. At the time, no one believed him. What they didn’t know was MBIA’s massive risk exposure: the amount of debt they had insured is much smaller than their cash held. Undeniably, digging deep into the company’s balance sheet paid off for Ackman.
Fast forward to 2008 when the financial crisis hit, MBIA collapsed, and Ackman walked away with over a billion dollars in profits. Being contrarian means you’re often early, sometimes wrong, and usually misunderstood. BUT Ackman is willing to look wrong in the short term, especially if it means being right in the end.
Now that we’ve explored Ackman’s four core principles, let’s bring in Mario, our Senior Equity Analyst, to walk us through some of his biggest positions today. Thanks, Petar! Hey everyone, I’m Mario. Let’s take a closer look at three of Ackman’s standout holdings: Universal Music Group, Chipotle, and Uber; and what they tell us about his bold investment style.
Hey, don’t forget to smash that like button! First up, Universal Music Group. Ackman might *Mario shrugs* or might not be jamming to music in his office, BUT he’s definitely vibing with UMG’s business moat. Ackman sees UMG as the undisputed leader in global music. With artists like Taylor Swift and Drake, UMG dominates streaming revenues and owns massive copyright libraries.
With its steady cash flow and growth in digital music consumption, it’s no wonder why Pershing Square holds such a large stake. Next, Chipotle. This is a masterclass in Ackman’s activist investing. Back in 2016 after a food safety crisis, Ackman took a 10% stake in Chipotle and demanded change. He pushed for menu innovations, drive throughs, and global expansion.
AND THIS resulted in a sixfold increase in stock price, from $9 to $55. Chipotle became the blueprint for Ackman’s activism logic: find a great company, even if it’s down, and help it shine. Soon enough, the stock will follow. And finally, Uber. Here’s where Ackman’s contrarian genius kicks in. After the hype around Tesla’s robotaxis shook the market, Uber’s stock dipped, BUT Ackman remains unfazed.
He doubled down on his belief that Uber wouldn’t be wiped out by autonomous driving, but rather benefit from it. WHY? His bet was on Uber’s future, not just as a taxi app but as a foundational infrastructure platform for mobility. Its network effect in ride-sharing and delivery is a fortress, and it is poised to integrate self-driving tech, NOT be displaced by it.
Even if it makes him look wrong in the short term, when Ackman commits, he goes all in. So, what can we learn from him? Dig deep to understand businesses, stay confident in your convictions, and more often than not, don’t let market noise shake you. Want to invest like Ackman? Check out Star Investors on tradingkey.com, and get access to full portfolio breakdowns, detailed sector allocations, 13F filings from more than 100 top investors, all in one place.
That’s it for today! Please be sure to like the video, subscribe to our channel, and comment below if you prefer Bill Ackman OR Warren Buffett’s investment style. Remember to stay informed, and we’ll catch you in the next one!
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