Oct 28, 2026 · 1h 11m
Ackman maps a Berkshire-style future beyond activist investing
Bill Ackman on building the next Berkshire, AI & his next 10-bagger
The interview shows how Bill Ackman is adapting a concentrated investment philosophy to AI uncertainty, durable businesses, and a long-term ambition to build an insurance-backed compounder.
- 1Ackman favors concentrated ownership of durable businesses with wide moats, strong brands, and capable CEOs.
- 2He sees AI as both a transformative opportunity and a potential bubble shaped by compute demand, capital spending, and regulation.
- 3Howard Hughes Holdings could become the foundation for a Berkshire-style company using insurance float and long-term investment discipline.
Don't miss
Ackman explains how Howard Hughes Holdings could support an insurance business and invest its float in pursuit of a Berkshire-style model.
The brief
Bill Ackman traces his path from teaching himself investing to building Pershing Square around concentrated bets on durable companies, strong brands, wide moats, and capable CEOs.
On AI, Ackman weighs superintelligence and technological competition against bubble risk, asking whether compute demand and hyperscaler spending can justify the capital flooding into the sector.
His portfolio decisions reveal a disciplined willingness to change course: Pershing Square sold Netflix, bought it back, sold Alphabet, and retained Microsoft, Amazon, and Meta.
The interview’s central ambition is Howard Hughes Holdings: Ackman wants to pair its existing structure with an insurance business whose float could support Berkshire-style investing.
Ackman closes by urging individual investors to invest money they do not need soon and to exploit the advantage of taking a genuinely long-term view.
What was said on this episode
45 statements · 31 positive · 8 negative · 3 mixed · 3 neutral
Being long compute is a good investment trade.
“I'm a big believer sort of being long compute is a good trade.”
Listen at 10:20
Advanced AI poses real risks.
“I think there's real risk.”
Listen at 11:03
AI models will become more brain-like over time.
“I think over time they'll design the models to be more like a brain”
Listen at 11:43
AI models may develop consciousness.
“I think it's possible right”
Listen at 12:03
AI development creates risks requiring concern and management.
“I think there's real risk. So it's something to be concerned about.”
Listen at 12:30
Better AI may be the way to protect humanity from AI risks.
“I think the way we'll save ourselves from AI is probably a better AI.”
Listen at 12:48
A Terminator-like AI scenario is possible.
“The Terminator scenario is possible.”
Listen at 13:13
AI is an arms race between the United States and China.
“Definitely an arms race.”
Listen at 13:43
Future wars will be determined by swarms of autonomous drones rather than aircraft carriers.
“The next war is not going to be determined by aircraft carrier. Swarms of autonomous drones”
Listen at 13:53
Hyperscaler compute demand reflects a prolonged shift, not a temporary spike.
“I think it's a prolonged shift in the curve.”
Listen at 15:11
Sustainable hyperscaler demand should allow providers to maintain pricing.
“you should be able to maintain pricing”
Listen at 15:28
Microsoft, Amazon, and Meta shares remain undervalued.
“I think those stocks are still cheap.”
Listen at 15:57
Investors should buy enduring high-quality businesses instead of timing short-term markets.
“the best way to make money for an investor is not to just try to predict where the market's going to go in the short term, but to find some enduring, really high quality businesses”
Listen at 16:17
Increasing supply is the best way to combat inflation.
“I think the best way to deal with inflation is to increase the supply of things that people want.”
Listen at 19:04
Venture markets show signs of bubble-like activity.
“there are indicative sort of bubble-like activity in kind of venture activities”
Listen at 21:57
Rapidly growing private companies will enter public markets.
“I think you're going to see some pretty amazing companies coming into the public markets.”
Listen at 22:29
Large credit inflows compress lending spreads or encourage greater risk-taking.
“anytime you have huge amounts of money flowing into the credit markets, the only way that you can compete is by lowering the price”
Listen at 23:04
Highly leveraged opaque private markets pose systemic risk.
“there's risk to the system”
Listen at 24:09
Many autonomous vehicle companies will exist.
“Our assessment is there are going to be many autonomous vehicle companies.”
Listen at 31:20
Autonomous vehicles will substantially reduce transportation costs.
“Autonomous vehicles are going to meaningfully reduce the cost of transportation”
Listen at 31:24
Lower autonomous-vehicle costs will increase ride demand.
“There'll be more demand for rides.”
Listen at 31:28
Restaurant Brands can grow by acquiring other companies in its sector.
“if that business over time can acquire other companies in the space”
Listen at 35:14
Netflix has successfully built an advertising model.
“they've very successfully built a kind of an advertising model”
Listen at 37:59
Netflix now offers a lower-risk investment opportunity.
“we think it's a lower risk as good an opportunity here”
Listen at 38:09
CEO quality can be assessed by comparing promises with subsequent actions.
“One way to do it is just do people do what they say they're going to do?”
Listen at 41:56
Pershing Square USA trades at a 23% discount to liquidation value.
“that's a very cheap stock. It's trading today at a 23% discount to its liquidation value”
Listen at 43:16
Howard Hughes is intended to become a Berkshire-like compounding vehicle.
“the goal is to build a compounding machine like Berkshire”
Listen at 54:48
Howard Hughes will seek to compound intrinsic value without increasing share count.
“we're going to work hard to do the same thing.”
Listen at 55:34
Using Howard Hughes and an existing insurer saved roughly four years of development.
“We probably saved probably four years.”
Listen at 57:11
Combining profitable insurance with higher-return asset investing can materially improve returns.
“if you're in a higher return on your assets and you have a very low cost of liabilities because you've run a successful insurance operation, then you can have very, that's basically what Buffett did. And we're starting relatively small”
Listen at 58:41
Alphabet is an excellent company whose valuation reflects much of its quality.
“OneAlphabet, I think, is an amazing company. I think the price. The valuation reflects a lot of that amazingness.”
Listen at 1:00:18
Axon will benefit from increasing taser use and body-camera adoption.
“I think there'll be more tased people and more body cameras.”
Listen at 1:01:07
Security, transparency, and accountability have enduring demand.
“I think there's secular demand for security and also transparency and accountability.”
Listen at 1:01:26
Berkshire Hathaway is currently a very safe investment.
“Berkshire is a very, very safe place to put your money today.”
Listen at 1:02:16
Berkshire should pursue investments requiring roughly $100 billion of capital.
“If I were running Berkshire, I'd focus on things that required $100 billion of capital, not $1 billion or $5 billion.”
Listen at 1:02:44
Greg Abel is a good choice to lead Berkshire Hathaway.
“I think he's a good choice.”
Listen at 1:03:27
Spotify shares have become cheaper recently.
“I think that actually the stock... It's gotten cheaper recently.”
Listen at 1:04:14
Spotify is the most interesting holding among the discussed stocks.
“Of all the things on the list, I think that, to me, is the most interesting.”
Listen at 1:04:19
Current market weakness is a good opportunity to buy high-quality compounders.
“So I think it's actually a very good time to buy these sort of high-quality compounders”
Listen at 1:06:22
Investors should consider active managers after periods of poor performance.
“The best time to invest with an active manager is when they're kind of getting smoked.”
Listen at 1:06:50
Fannie Mae and Freddie Mac should be released from conservatorship.
“They should be released from conservatorship.”
Listen at 1:07:20
Fannie Mae and Freddie Mac trade at roughly 1–1.5 times earnings.
“As a business, they're trading at something like one times earnings, one and a half times earnings.”
Listen at 1:08:00
Fannie Mae and Freddie Mac may be worth roughly 20 times earnings.
“You know, these are businesses probably worth 20 times earnings.”
Listen at 1:08:05
Fannie Mae and Freddie Mac could deliver a tenfold return if presidential action advances reform.
“this is a 10x if the president puts this on the list of things that he's going to do.”
Listen at 1:08:08
Investors should hold exceptional businesses indefinitely to compound tax-free.
“You buy a business like that, you never sell it. You compound tax-free.”
Listen at 1:09:32
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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