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Bill Ackman on a diversified portfolio: "Diversification protects you from ignorance. Right? If you don't know what you're doing just do a lot of things." If your research correctly identifies the fundamental quality and durable cash flows of a business, extreme concentration is the logical way to beat the...

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Ackman on finding alpha: "If you have time to pick stocks, invest in a company that's dominant in its industry. It's the best company in its industry. A company that doesn't use a lot of financial leverage, and a business that you believe will be a much bigger business 5, 10, 15, 20 years from now, and a business that's unlikely to be disrupted by, you know, a couple of women in a garage [who] just left Stanford University with some idea."

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Ackman on attempting to predict the markets in the short-term: "It's a fool's errand to predict what the stock market's going to do in the short term." Ackman on the market's current multiple: "People say, 'Oh, it's overvalued,' but I would argue that the business mix... is a very different business mix than it was 30 years ago. They're deserving of much higher valuations." Bill acknowledged $MSFT and $AMZN are both trading at very attractive multiples. He even gave a shout-out to $NVDA 👀 when mentioning the index's composition is now dominated by high-margin, high-growth technology companies that deserve higher premiums than the legacy industrial mix of 30 years ago.
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Ackman on attempting to predict the markets in the short-term: "It's a fool's errand to predict what the stock market's going to do in the short term." Ackman on the market's current multiple: "People say, 'Oh, it's overvalued,' but I would argue that the business mix... is a very different business mix than it was 30 years ago. They're deserving of much higher valuations." Bill acknowledged $MSFT and $AMZN are both trading at very attractive multiples. He even gave a shout-out to $NVDA 👀 when mentioning the index's composition is now dominated by high-margin, high-growth technology companies that deserve higher premiums than the legacy industrial mix of 30 years ago.

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Sarah thinks it's dangerous to invest in today's biggest bets based on pedigree alone, without a point of view on the business: "I was talking to one of our founders and explaining that the quality of their storytelling and their ability to make the company's bets legible to investors is obviously very important to their success. All of the capital is not research scientists. So it's on entrepreneurs to go explain their story. But it varies how much fundamental understanding there is. There's a lot of proxying of judgment to pedigree, or to other legible signals like who's invested. And so the decision making is less fundamental. I asked an extraordinarily good investor friend, and I was like, I don't understand, what is this company gonna be that would be big, explain it to me. And his explanation was essentially, do you know the quality of this person? I'm like, yes, I've known the quality of the person for eight years. But the technical theory and the business don't make sense to me. People are making large scale research bets without any intuition for them, or without any opinion on them. Not having a point of view on the business besides the pedigree of the person is very dangerous."
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Sarah thinks it's dangerous to invest in today's biggest bets based on pedigree alone, without a point of view on the business: "I was talking to one of our founders and explaining that the quality of their storytelling and their ability to make the company's bets legible to investors is obviously very important to their success. All of the capital is not research scientists. So it's on entrepreneurs to go explain their story. But it varies how much fundamental understanding there is. There's a lot of proxying of judgment to pedigree, or to other legible signals like who's invested. And so the decision making is less fundamental. I asked an extraordinarily good investor friend, and I was like, I don't understand, what is this company gonna be that would be big, explain it to me. And his explanation was essentially, do you know the quality of this person? I'm like, yes, I've known the quality of the person for eight years. But the technical theory and the business don't make sense to me. People are making large scale research bets without any intuition for them, or without any opinion on them. Not having a point of view on the business besides the pedigree of the person is very dangerous."

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Bill Ackman says diversification protects you when you don’t fully understand what you own but concentration becomes an edge when you do. Once your best ideas get diluted, outperforming gets a lot harder which is why his top 3 to 4 positions make up ~50% of the portfolio.
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Bill Ackman says diversification protects you when you don’t fully understand what you own but concentration becomes an edge when you do. Once your best ideas get diluted, outperforming gets a lot harder which is why his top 3 to 4 positions make up ~50% of the portfolio.

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ELON: THE PEOPLE OF BRITAIN SHOULD FIGHT TO SAVE THEIR COUNTRY “What matters is rallying the people of Britain. Talk to your friends and family and build a massive power base among the people. You’ve really got to appeal just the normal people who just want to go about their business, who are in a village somewhere, they're working, they just want to mind their own business. You've got to point out to them that if we don't take action, they won't be able to mind their own business because other people are going to come and maraud them. There's genuine risk of rape and murder and the destruction of the country and dissolution of the entire way of life. And so, yes, in the normal course of business, if you weren't under a massive attack, then people should go about their business and just live their lives. But unfortunately, if the fight comes to you, you don't have a choice. You have to fight. So you have to rally all of the people of Britain to fight for the future. And if this doesn't happen, there won't be a future.” Source: Conversation with Tommy Robinson 🇬🇧, September 2025, Elon Musk

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Elon Musk to the British people: ”If we don’t take action, people won’t be able to mind their own business because other people are gonna come and maraud them. There’s genuine risk of rape and murder and the destruction of the country and dissolution of the entire way of life. In the normal course of business, if things weren’t under a massive attack, then people should go about their business and just live their lives. But unfortunately, if the fight comes to you, you don’t have a choice. You have to fight, so you have to rally all of the people of Britain to fight for the future. If this doesn’t happen, there won’t be a future. Fight for your future, do it!”
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Elon Musk to the British people: ”If we don’t take action, people won’t be able to mind their own business because other people are gonna come and maraud them. There’s genuine risk of rape and murder and the destruction of the country and dissolution of the entire way of life. In the normal course of business, if things weren’t under a massive attack, then people should go about their business and just live their lives. But unfortunately, if the fight comes to you, you don’t have a choice. You have to fight, so you have to rally all of the people of Britain to fight for the future. If this doesn’t happen, there won’t be a future. Fight for your future, do it!”

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Bill Ackman reveals the exact difference between valuing a stock and valuing a bond that most people never learn "A bond pays a 5% coupon interest rate. You get that every year, and it's very predictable. If it's a US Government Bond, you know you're going to get it. That's a pretty easy thing to value" "A stock is an interest in a business. It's like owning a piece of a company. A profitable business is like a bond in that it generates these coupons or these earnings or cash flow every year" "The difference is that a bond is a contract. You know what you're going to get. With a stock, you have to make predictions about the business" "How many widgets are they going to sell this year? How many next year? What are their costs going to be? How much money do they need to reinvest to keep the business going?" "What we do is try to find businesses where with a very high degree of confidence we know what those cash flows are going to be for a very long time. There are very few businesses you can have a really high degree of certainty about. Many investments are speculations because it's really very difficult to predict the future"
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Bill Ackman reveals the exact difference between valuing a stock and valuing a bond that most people never learn "A bond pays a 5% coupon interest rate. You get that every year, and it's very predictable. If it's a US Government Bond, you know you're going to get it. That's a pretty easy thing to value" "A stock is an interest in a business. It's like owning a piece of a company. A profitable business is like a bond in that it generates these coupons or these earnings or cash flow every year" "The difference is that a bond is a contract. You know what you're going to get. With a stock, you have to make predictions about the business" "How many widgets are they going to sell this year? How many next year? What are their costs going to be? How much money do they need to reinvest to keep the business going?" "What we do is try to find businesses where with a very high degree of confidence we know what those cash flows are going to be for a very long time. There are very few businesses you can have a really high degree of certainty about. Many investments are speculations because it's really very difficult to predict the future"

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Founders School is a new high school where tuition is $150k a year, but if students don't hit $1M in gross profit by graduation, they get their tuition back. Nat Eliason says AI will make this possible: "AI is the big thing that removes the bottleneck around why a 17-year-old can't build a million-dollar business." "You don't need to spend as long developing deep expertise in programming or software development because, certainly for a V1, you can prompt a lot of it." "You don't need to raise a ton of money for hiring, design, buildout, or any of these things. Because again, you can get an initial version going with AI." "So if you can just use AI to get started, and get your business going, you take out a lot of the capital requirements, a lot of the expertise build-up requirements, and it just shortens the timeline. It makes a lot more things possible for them."

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Corporate messaging is easy to manage. Management quality is harder to hide. Our Portfolio Manager, Mohnish Pabrai, evaluates leaders by studying decades of unscripted moments, from earnings calls and beyond, and comparing their words with their actions to develop a truer picture of the people running a business.
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Corporate messaging is easy to manage. Management quality is harder to hide. Our Portfolio Manager, Mohnish Pabrai, evaluates leaders by studying decades of unscripted moments, from earnings calls and beyond, and comparing their words with their actions to develop a truer picture of the people running a business.

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Man in blue, "Thames Water on the verge of going bust.. The water industry is the perfect business model.. Their market is every home, every business.. Their customers are forced to use their company.. There's zero competition.. They're selling a product made up of 70% of the earth's surface.. If you cannot get that right, you should not be running a business" #BBCQT
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Man in blue, "Thames Water on the verge of going bust.. The water industry is the perfect business model.. Their market is every home, every business.. Their customers are forced to use their company.. There's zero competition.. They're selling a product made up of 70% of the earth's surface.. If you cannot get that right, you should not be running a business" #BBCQT

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Bill Ackman said one of the biggest edges in investing is being willing to underwrite a business 3-5 years out which is why he owns $AMZN, $META & $GOOGL. Volatility is the price you pay for long-term compounding when the market gives you the chance to buy value at a discount.

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"I did not like the way [Carl Icahn] managed a couple of situations I had business-wise and so, you know, for Carl to be the subject of a short attack, I do think there was a circle of life kind of quality to it," said Pershing Square CEO Bill Ackman at #DeliveringAlpha.
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"I did not like the way [Carl Icahn] managed a couple of situations I had business-wise and so, you know, for Carl to be the subject of a short attack, I do think there was a circle of life kind of quality to it," said Pershing Square CEO Bill Ackman at #DeliveringAlpha.

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21,524 Aufrufe • vor 3 Jahren

Mark Cuban reveals why he thinks taking out a loan to start a business is one of the dumbest things you can do "If you're starting a business and you take out a loan, you're a moron" "There's so many uncertainties involved with starting a business, yet the one certainty you'll have is paying back your loan. The bank doesn't care about your business unless it's family" "99% of small businesses you can start with next to no capital. It's more about effort" "Small businesses don't fail for lack of capital. They fail for lack of brains, they fail for lack of effort" "If you're going to compete with me in one of my businesses, you better realize I'm working 24 hours a day to kick your a**"
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Mark Cuban reveals why he thinks taking out a loan to start a business is one of the dumbest things you can do "If you're starting a business and you take out a loan, you're a moron" "There's so many uncertainties involved with starting a business, yet the one certainty you'll have is paying back your loan. The bank doesn't care about your business unless it's family" "99% of small businesses you can start with next to no capital. It's more about effort" "Small businesses don't fail for lack of capital. They fail for lack of brains, they fail for lack of effort" "If you're going to compete with me in one of my businesses, you better realize I'm working 24 hours a day to kick your a**"

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Peter Thiel: "Competition is for losers" "Competition is for losers, which got people's attention, because we normally believe the opposite. We believe that the losers are the people who don't compete intensely enough. You're a loser if you're not competitive. But what if you're a loser because you're too obsessed with competing? If you're too focused on competing, maybe you're losing sight of what's really important." Thiel explains the distinction most people miss: "The most important distinction in business that people don't talk about enough is that there are two kinds of companies in this world. There are companies that are competitive, and there are companies that have monopolies. If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur, it should be their goal to try to build a monopoly business." He frames this as an unconventional truth: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms. A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away."
1:20

Peter Thiel: "Competition is for losers" "Competition is for losers, which got people's attention, because we normally believe the opposite. We believe that the losers are the people who don't compete intensely enough. You're a loser if you're not competitive. But what if you're a loser because you're too obsessed with competing? If you're too focused on competing, maybe you're losing sight of what's really important." Thiel explains the distinction most people miss: "The most important distinction in business that people don't talk about enough is that there are two kinds of companies in this world. There are companies that are competitive, and there are companies that have monopolies. If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur, it should be their goal to try to build a monopoly business." He frames this as an unconventional truth: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms. A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away."

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A really cool example of Perplexity Deep Research: go through your portfolio, pull up information from the web about recent executive orders, and tell you which companies in your portfolio are impacted with a risk assessment. Something you would be paying a financial advisor 0.x% management fees of your portfolio is now free.
2:57

A really cool example of Perplexity Deep Research: go through your portfolio, pull up information from the web about recent executive orders, and tell you which companies in your portfolio are impacted with a risk assessment. Something you would be paying a financial advisor 0.x% management fees of your portfolio is now free.

Aravind Srinivas

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Peter Thiel on why the best businesses never compete: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms." His point is simple: "A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away." Peter explains that the most important distinction in business is one nobody talks about enough. "There are two kinds of companies in this world. There are companies that are competitive and there are companies that have monopolies." His go-to example of a bad business? Restaurants. "Opening a restaurant is super competitive and nobody ever makes any money doing it." His example of a great business: Google. "Google has had no competition in search since 2002 when it definitively distanced itself from Microsoft and Yahoo, and it's been making enormous profits for the dozen years or so ever since." So what should founders actually aim for? "If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur—it should be their goal to try to build a monopoly business." True market power means never having to compete in the first place.
1:19

Peter Thiel on why the best businesses never compete: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms." His point is simple: "A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away." Peter explains that the most important distinction in business is one nobody talks about enough. "There are two kinds of companies in this world. There are companies that are competitive and there are companies that have monopolies." His go-to example of a bad business? Restaurants. "Opening a restaurant is super competitive and nobody ever makes any money doing it." His example of a great business: Google. "Google has had no competition in search since 2002 when it definitively distanced itself from Microsoft and Yahoo, and it's been making enormous profits for the dozen years or so ever since." So what should founders actually aim for? "If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur—it should be their goal to try to build a monopoly business." True market power means never having to compete in the first place.

Big Brain Business

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The Onion Theory of Risk by Marc Andreessen: "I think the single biggest thing entrepreneurs are missing, both on fundraising and how they run their companies, is the relationship between risk and cash. The relationship between risk and raising cash, and then the relationship between risk and spending cash. So I've always been a fan of something that Andy Ratcliffe taught me years ago, which he called the onion theory of risk. Um, which basically is, you can think about a startup like on day one, um, as having every conceivable kind of risk, right? And you can basically just make a list of the risks. And so you've got, you know, founding team risk. You know, do the founders, are the founders gonna be able to work together? Do you have the right founders? You're gonna have product risk. You know, can you build a product? You'll have technical risk, right? Which is maybe you need a machine learning breakthrough or something to make it work. Are you gonna be able to do that? Um, you'll have, you know, launch risk. Will the launch go well? You'll have, you know, market acceptance risk. You'll have revenue risk. A big risk you get into in a lot of businesses that have a sales force is, can you actually sell the product for enough money to actually pay for the cost of sale? So you have the cost of sale risk. If you're a consumer product, you'll have a viral growth risk. Well, you get the thing of viral growth. And so, a startup at the very beginning is basically just this long list of risks. And then the way that I always think about running a startup is also the way I think about raising money, which is it's a process of peeling away layers of risk as you go. And so you raise seed money in order to peel away the first two or three risks. The founding team risk, the product risk, and maybe the initial launch risk. You raise the A round to peel away the next level of product risk. Maybe you peel away some recruiting risk because you get your full engineering team built. Maybe you peel away some customer risk because you get your first five beta customers. And so basically the way to think about it is you're peeling away risk as you go. You're peeling away risk by achieving milestones. And then as you achieve milestones, you're both making progress in your business, and you're justifying raising more capital. And so you come in, and you pitch somebody like us, and you say you're raising a B round. The best way to do that with us is you say, okay, I raised a seed round, I achieved these milestones, I eliminated these risks. I raised the A round, I achieved these milestones, and I eliminated these risks. Now I'm gonna raise a B round. Here are my milestones, here are my risks. And then by the time I go to raise a seed round, here's the state that I'll be in. And then you calibrate the amount of money that you raise to spend to the risks that you're pulling out of the business. And I go through all this, in a sense this sounds kind of obvious, but I go through all this because it's a systematic way to think about how the money gets raised and deployed. As compared to so much of what's happening, especially these days, which is just, my God, let me go raise as much money as I can. Let me go build the fancy offices, let me go hire as many people as I can, and just kind of hope for the best."
2:21

The Onion Theory of Risk by Marc Andreessen: "I think the single biggest thing entrepreneurs are missing, both on fundraising and how they run their companies, is the relationship between risk and cash. The relationship between risk and raising cash, and then the relationship between risk and spending cash. So I've always been a fan of something that Andy Ratcliffe taught me years ago, which he called the onion theory of risk. Um, which basically is, you can think about a startup like on day one, um, as having every conceivable kind of risk, right? And you can basically just make a list of the risks. And so you've got, you know, founding team risk. You know, do the founders, are the founders gonna be able to work together? Do you have the right founders? You're gonna have product risk. You know, can you build a product? You'll have technical risk, right? Which is maybe you need a machine learning breakthrough or something to make it work. Are you gonna be able to do that? Um, you'll have, you know, launch risk. Will the launch go well? You'll have, you know, market acceptance risk. You'll have revenue risk. A big risk you get into in a lot of businesses that have a sales force is, can you actually sell the product for enough money to actually pay for the cost of sale? So you have the cost of sale risk. If you're a consumer product, you'll have a viral growth risk. Well, you get the thing of viral growth. And so, a startup at the very beginning is basically just this long list of risks. And then the way that I always think about running a startup is also the way I think about raising money, which is it's a process of peeling away layers of risk as you go. And so you raise seed money in order to peel away the first two or three risks. The founding team risk, the product risk, and maybe the initial launch risk. You raise the A round to peel away the next level of product risk. Maybe you peel away some recruiting risk because you get your full engineering team built. Maybe you peel away some customer risk because you get your first five beta customers. And so basically the way to think about it is you're peeling away risk as you go. You're peeling away risk by achieving milestones. And then as you achieve milestones, you're both making progress in your business, and you're justifying raising more capital. And so you come in, and you pitch somebody like us, and you say you're raising a B round. The best way to do that with us is you say, okay, I raised a seed round, I achieved these milestones, I eliminated these risks. I raised the A round, I achieved these milestones, and I eliminated these risks. Now I'm gonna raise a B round. Here are my milestones, here are my risks. And then by the time I go to raise a seed round, here's the state that I'll be in. And then you calibrate the amount of money that you raise to spend to the risks that you're pulling out of the business. And I go through all this, in a sense this sounds kind of obvious, but I go through all this because it's a systematic way to think about how the money gets raised and deployed. As compared to so much of what's happening, especially these days, which is just, my God, let me go raise as much money as I can. Let me go build the fancy offices, let me go hire as many people as I can, and just kind of hope for the best."

Founder Mode

106,909 Aufrufe • vor 8 Monaten

Kevin Gates keeps it real on his thoughts about mixing business with men who cheat on their wives. The rapper saw a video in which a man said, “I don’t do business with men that cheat on their wives.” So Gates sounded off on the topic. "As a man, what business is it of mine to be in the business of where you put your d*ck at?" he asked. You agree with Gates?
0:47

Kevin Gates keeps it real on his thoughts about mixing business with men who cheat on their wives. The rapper saw a video in which a man said, “I don’t do business with men that cheat on their wives.” So Gates sounded off on the topic. "As a man, what business is it of mine to be in the business of where you put your d*ck at?" he asked. You agree with Gates?

XXL Magazine

337,581 Aufrufe • vor 7 Monaten