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Hello everyone and welcome back. In this video I want to talk about the latest portfolio moves from Bill Ackman. He recently published his latest 13F and in this video I want to analyze it because you will see something very new, a recent purchase of Microsoft and it seems like he is investing in another magnificent seven company.
So he is an investor in Google, but also Meta, but also Amazon and now Microsoft. So he is collecting these uh companies, magnificent seven companies like infinity stones and I'm very curious to see where the portfolio will go. So in this video I want to analyze it. I will go through the numbers of it and um you will have my opinion on whether this is a good move or not and if I'm following him into Microsoft because it's still a quality company on sale.
In case this is your first video from this channel, welcome. My name is Kristoffer Noor. I've been investing in the stock market for almost a decade now and I have achieved a performance of 25% per year and the goal with this YouTube channel is to help you become a better investor by analyzing the best investors of our world and Bill Ackman is a legendary investor.
So now as we are speaking, so second quarter of 2026 we have a portfolio that is very concentrated for Bill Ackman. The first position remains Brookfield. It's 17% of his portfolio and Brookfield recently reported earnings a few days ago. The earnings were pretty decent, nothing really uh extraordinarily appealing, but nothing bad.
It's a company run by a Bruce Flatt and they just continue to be the um company of AI infrastructure. There will be a merger between their wealth management division and BN. I'm a shareholder of BN and I still think BN offers great value at today's price. Now, I think the stock went up after the earnings.
Went up, went down, went flat. The stock has done nothing for more than 6 months now. I believe it's a good deal right now. I believe it's this cheap for anyone wanted to buy the dip. Brookfield offers a very nice opportunity in this market. The second one on this list is Amazon and very curious to see him adding on his Amazon position.
It was a big position. He opened the Amazon position during liberation day, so first part of 2025 and he is adding more. So, you can see Amazon at all-time highs right now. He first bought here during this drop below 200 and he bought the dip when the stock was down at the first part of the year, around 200.
And that was 260. So, let's see how it goes, but it's true Amazon was cheap at $200. The business was still growing, AWS was still growing, everything growing in full force, margins growing in full force and the business was quite cheap. Profitable, so you can value it on a P/E ratio basis and it was quite profitable.
So, now, next one is this one, Bill Ackman. Um I like this move of conviction in Amazon. Now, it's roughly 17% of his portfolio. If Amazon continues to go up, it will become his largest position, okay? And if you want to go into more details into his thesis of Amazon, you have slides. Basically, the the thesis is extremely simple.
You cannot go wrong with Amazon. I have studied all the letters for the past 20 years. I checked all the interviews. You cannot go wrong with Amazon. They are everywhere. And actually, they will benefit from this new world. Why? Because they can implement AI everywhere and become more efficient everywhere in their all their units, all their businesses.
Two, robots, robotics. If you have one single company that will benefit from robotic automation, that's Amazon. How many workers can you replace using robots? So, Amazon for the standalone business is great, is cheap, but in the future, like in the next 10 years, everything will be uh everything will see AI implementation and two, robots everywhere.
So, that's an additional tailwind that will drive margins So, it's quite likely Amazon becomes widely profitable in the future. I like this pick. It's not for everybody, right? If you invest in Amazon, you have to be aware of all this capex. You will have zero dividends. You will have zero buybacks.
All the cash will be used to reinvest in the capex to grow the revenue. Okay? Depends on you. I was a shareholder in the past and I sold it because I saw better opportun unities that had a lot of buybacks. So, it depends on your philosophy. Amazon is not something for everybody. You need to be aware of this uh monstrous capex line that will only go up.
The investment will just continue to go up and up and up. By the way, if you want to become a better investor and improve your performance, I have a coaching program. It gives you the exact method I've used to generate 25% per year for almost a decade. More on that at the end of the video. Third line, you have Uber.
That's 15% of his portfolio. Let me tell you straight away I don't like the Uber thesis. Straight away. I know what the bulls say. I know what Bill Ackman says. I just don't like it. Even after considering the bullish arguments. They have They have economies of scale, but I don't like the way they became profitable at all.
So, for this I will not follow his move at all. And I just don't like to see this. For the moment, the numbers are quite good. The company became profitable. I mean, they became profitable one year in 2018 and then massive reinvestments. And now for 3 years in a row, they are profitable and they're growing 20% per year.
But the track record is only this. 3 years. And I don't like this. I want my portfolio to be filled with companies with longer track record, like 10 years of operations. And the way they became profitable by was by increasing the fees everywhere. For the moment, the network effect is not seen in the numbers.
A little bit, but most of the profitability is due to increasing fees. And you cannot have increasing fees forever. At some point, people will say no. So, they became widely profitable with Uber Eats. Increased fees massively over there. And we'll see how it goes. The long-term thesis of Uber is quite simple.
You will have more distribution network effect. They have a network of thousands and thousands of millions of cars. And you can use these cars to do anything you want. You can become faster, more efficient like Grab. So, this is it. And for the moment, it is growing. I remember when he bought the dip.
It the Uber stock was loved by retail investors, individual investors. The stock went up because of the Bill Ackman effect and then the stock completely went down. And people don't know why. Well, at any price I will not touch Uber. I just don't like it. Okay, next one. This is the big one. This is Microsoft.
Why? They created this 15% position by selling their Google position. They reduced Google by 95% the class C and the class A by 95%. You can go to history and check in the past what how big was the Google position. Last quarter, you had 12% plus 2%. So, 14% position. So, he completely sold out of his 14% position in Google to create this Microsoft position, 15%.
I like it. I like it a lot, actually. Now, if you look at Google metrics, the business is growing, accelerating in full force. The latest earnings were shockingly good, but you have more capex and they're not confident in uh uh the risk reward right now. The forward P ratio is 28, but actually they cheat because of fake earnings and half of the earnings are from unrealized gains of their portfolio.
So, paper portfolio paper gains. They will come eventually, but they can revert back. If you adjust for this, actually the earnings are half as good. So, the P ratio is not 30, but much more than this. So, Google is way more expensive that than what you see on investing websites. And I think this is the reason why Bill Ackman sold completely out of Google.
The business is good, right? But, you have a growing CapEx, so less good, and valuation is very high. So, he bought the dip last year in 2025 when the stock was trading at $150. And now the stock is above 300. He said, "It's an easy double in 1 year. Nobody will blame him. It's a double in 1 year. Can you do better?" So, nobody can blame him for telling taking the profits and investing all these profits into Microsoft that is hated.
Now, the stock of Microsoft is not great not looking great, and people complain about the firing the CEO Satya Nadella. The stock price is the same. At the same time, Nvidia is going up, Google is going up, Apple is going up, so fire the CEO. Well, maybe it's a good contrarian indicator. Last time you had a request to fire the CEO, it was Google last year.
And since then, the stock doubled. So, yeah, now we have reached this level of pessimism. People want to fire Satya Nadella, CEO of Microsoft. I think Microsoft right now is poised to win. They have growing revenue, growing margins. They are conservative when it comes to CapEx and AI spend. They are supply constrained.
The valuation is okay. You have a forward P/E ratio of roughly 20 for an excellent business that can implement AI everywhere with their distribution. I think Microsoft can reach an all-time high very soon. And it's a leader in the software index, the IGV. I think if Microsoft rebounds significantly, the SaaS apocalypse will end.
So, to some extent, Bill Ackman is buying Micro- Microsoft thinking that software is not dead. And I share his view. I invested in software also, made a huge gain on the cybersecurity trend. So, I think Microsoft has very, very good chances of going back to all-time highs. The valuation is okay. You have a forward P/E ratio of 20 compared to an expensive valuation for Google.
So, he's just swapping. Swapping Google for Microsoft. And you have QSR, so quick restaurant, nobody cares about this one. And the other seven companies is Meta Platforms. So, he owns Amazon, Microsoft, Meta Platforms, and a tiny bit of Google. Four out of the Magnificent Seven. Fair enough. Anyway, he did not change the thesis at in the the the position for Meta at all.
The stock of Meta is fluctuating a lot. I think it's still cheap today. I don't know the exact price where he bought, but Bill Ackman had a very simple thesis when it comes to Meta Platforms. One, the business is superior compared to the average business. Two, the business is cheaper than the average business.
That's it. So, you can buy a business that is a duopoly that is growing 30% per year with a forward P/E ratio of 18. So, it's better than average and cheaper than average. Very simple. And you have one of the best CEOs on Earth that is young and hungry for more. So, I do not worry about Meta. I'm also a proud shareholder.
I've been investing in Meta since 2018. So, I welcome Bill Ackman as a shareholder as a fellow shareholder. I think he will do great. That's another opportunity. So, one, Microsoft is cheap. Two, Meta Platforms is cheap at the moment. Okay? Um and then what do you have? Howard Hughes. No, that's a little bit too complex.
I don't like this pick. They want to turn around story, they want to acquire it. It's a mess. And Seaport Entertainment. That's 1% of the portfolio. We don't care. Google, that's almost 0%. And Hertz Global. This is a speculative play, less than 1%. So, this is a massive change in portfolio. Buying more Amazon, selling out of Google completely, and buying Microsoft.
A big core position. Literally, Bill Ackman is buying into the SASpocalypse. If you like this content and you want to go deeper, I have a coaching program. In this program, you will learn my strategy to generate 25% annual returns. You will learn how to find winning opportunities. You will learn how to properly value any stock, when to buy, when to sell, so that you can build a strong portfolio filled with great companies.
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