Bill Ackman
Pershing Square Activist and High-Conviction Investor
Bill Ackman
Value Investing
Key Stats
Net Worth
$3.6 Billion
Origin
American
Lifespan
Born 1966 (60 years old)
Biography
Bill Ackman is the founder and CEO of Pershing Square Capital Management, a hedge fund known for taking large, concentrated positions in companies and pushing for changes to unlock value. He is one of the most prominent activist investors of his generation.
Pershing Square
Ackman founded Pershing Square in 2004 after his previous fund, Gotham Partners, wound down. The fund has had spectacular wins and painful losses, reflecting Ackman's high-conviction, concentrated approach.
Famous Wins
Ackman's greatest trade came in March 2020 when he turned a $27 million hedge into $2.6 billion in just three weeks by betting on a market crash due to COVID-19. His investment in Canadian Pacific Railway also generated billions in profits.
Herbalife Battle
Ackman's $1 billion short of Herbalife became one of the most public hedge fund battles in history. His five-year fight against the company, which he called a pyramid scheme, ultimately resulted in losses.
Transparency
Unlike most hedge fund managers, Ackman is unusually public about his positions and reasoning. He regularly presents his investment theses at conferences and on social media.
Trading Philosophy
"I look for simple businesses with high barriers to entry, predictable growth, and strong free cash flow."
Famous Trades
Credit Default Swaps
Turned $27 million into $2.6 billion in three weeks by hedging against COVID market crash.
Legendary Trade
+$2.6 Billion
Legendary Quotes
"I look for simple businesses with high barriers to entry, predictable growth, and strong free cash flow."
"Activism is really about buying a stake in a company and working to improve it."
Recommended Reading
Confidence Game
How a hedge fund manager called Wall Street's bluff (about Ackman)