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The All In Liquidity Summit brought limited partners, fund managers, investors, and elite entrepreneurs to Napa Valley. That included billionaire investor Bill Ackman, who brought a pair of companies to the NYSE this spring. He sat down with our Christian Chollar to talk more about it and his overall investing strategy.
Check it out. Our model is to find the best businesses in the world. Uh hopefully even briefly at some of the attractive uh valuations, right entry price, and then be a long-term investor. Mhm. And most recently expanding that access to the retail investor. How so? Well, with the help of the New York Stock Exchange, we listed a company called Pershing Square uh USA, which is a closed-end investment company uh and it will be a basically a mirror image of our other vehicles that historically have only been offered to either offshore investors or uh institutional or super high net worth investors.
And this will be This is an entity that anyone with $41 can buy one share. Why did you decide to take that public? Um so, our business model really requires long-term money. Uh and the traditional hedge fund model where people commit capital for a couple of years, they can redeem certain amount each quarter, is fine for a trading strategy.
But when you're a long-term investor, you buy big stakes in companies, you join boards of directors, you get to you know, spend time with management teams helping them [snorts] with their long-term strategic direction. You don't want money that can leave overnight. So, the beauty of a public company, which is what a closed-end investment company is, is while investors have daily liquidity, they can buy and sell their shares, um the capital is forever, basically.
And that gives us the ability to make long-term investments in a world uh which is becoming increasingly short-term. Expanding access, of course, viewers can track that at ticker symbol PSUS. And by the way, we also took another company public at the same time. Uh company called Pershing Square. So, we actually go by the name Pershing Square instead of Pershing Square Capital Management.
That's now a subsidiary of of our public company. Pershing Square is the management company, the GP as some people call it or the alternative asset management firm that manages the It's the company I work for, the company I'm CEO of. And it's a very interesting business because it's a a business that um you know, you Blackstone, KKR, you've seen other alternative asset managers.
What's unique about ours is that the capital is permanent. And so the the company itself receives fees based over time on a growing base of assets that grow not by fundraising, although we can certainly launch new funds, um but by the compounding if you know, if we make good We have a great year this year, our AUM grows, our fees grow, and the profits of the company grow.
So they're both interesting companies. One's sort of a diversified Pershing Square portfolio of securities. The other's an operating business. How else do you want to see access expanded for the American, including when it comes to retirement accounts? Sure. So I would say, look, I think I've always thought that the standard for someone making an investment should not be how much capital they have, um but if you want to have a standard that's based on a you know, a certain level of investment experience, you know, the the test today is really generally based on net worth.
I think you should be able to be, you know, take a an effective test. You pass the test, you can qual- become a qualified investor as opposed to having a certain amount of capital. What's your view on the overall market right now? Uh it's really you know, uh I think it's hard to make a statement on the overall market because it's really a bifurcated market that We're finding a lot of really cheap stocks in a market that's hitting new highs, which is sort of an interesting dynamic.
And you know, a lot of the attention is to semiconductor and memory chips uh uh the IPOs that are coming, and a lot of attention's been taken away from uh I would say you know, companies that people think are almost old-fashioned. You know, Meta is an old-fashioned company today. [snorts] Microsoft is an old-fashioned company today, and therefore they're less interesting.
W- That's not where the excitement is. The result of that is, you know, those stocks are very cheap. Yeah. Um so, it's, you know, we're finding a lot of cheap stocks and, you know, query whether there's some overvalued ones, which of course there are. 2026 is an important year. We do see the stock market hitting new highs this year.
We have the midterm elections, and of course, America's 250th 50th, yes. and 50th birthday. Let's start with the midterms. Obviously, there are stocks that you're invested in as part of your strategy at Pershing Square. If we do see that typical volatility leading into those midterm elections, would that be a buying opportunity for you?
Could be. You know, the I would say more and, you know, the market's got kind of two components to it. You know, you have the ownership of stocks. You've got, you know, kind of this growing index ownership, which is an incredibly important phenomenon. Today, if you're not in the stock index, um your valuation is going to be You have two companies, you know, McDonald's, for example, is in the S&P 500.
Restaurant Brands, which is Burger King and Tim Hortons and others, is not because it's a Canadian company, it's not in the index, it has relatively limited index ownership. Arguably, it's growing faster. Um it's a more diversified business. You can make some arguments for why it should trade at a higher multiple than McDonald's, but it trades at a very significant discount.
Why? Because it's not in the [snorts] index. So, you have more and more index capital, and that's become an increasingly important thing. And And in addition to the the stocks that are actually in the index, actual ownership of index funds, you know, there are a lot of investors who follow the index.
And so, huge amount of capital is is in a very stable format, this sort of index ownership. And then, there's also a lot of capital invested by so-called pod shops, you know, Millennium and Citadel and others. They've been taking on increasing amounts of capital. And they have much shorter-term kind of mandates.
Uh and they're the marginal buyer and seller of many securities. And the result is really more volatility. Um because the way those models work is, you know, you have to you have very tight risk limits. Uh, and if, you know, you're going to lose more than a certain amount of money, you're out. And, uh, what that leads to is even very big companies, the stocks can move dramatically if they miss a earnings expectation or they change their guidance or, I don't know, there's some news event.
Um, and you you've seen a huge amount of volatility and and geopolitics adds to that volatility. And of course, midterm elections, uh, will be part of that volatility. Let's talk about America's 250th birthday happening obviously on July 4th this year. What does that mean to you? You know, it's interesting.
I, uh, turning 60, which I did, you know, 250 Thank you. 250 years sounds pretty young as a country to me, right? It's like, you know, a quarter quarter of my, uh, lifespan. Um, the country's only 4x my age, which I find, uh, something I didn't think about when I was 10, for example. Countries seemed like pretty old.
Now, it seems like we're pretty The American [snorts] experiment is very young. Um, so that's one sort of notable thing. And I think it's important we're around. Um, you know, and that the What's kind of amazing is a bunch of relatively young guys, and they were generally guys back then, you know, wrote the Constitution and the, Bill of Rights and, um, you know, set up a system with free speech and, uh, you know, Republican, you know, nature of government that's worked you know, for all of our warts, remarkably well over, you know, uh, a quarter of a thousand years. It's amazing. Thanks, Bill Ackman and Kristen Scholer for that interview.
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