💡 **投资历程回顾与关键转折点：** 文章详细梳理了比尔·阿克曼的投资生涯轨迹，从房地产金融的起点，到创立Gotham Partners，再到发展壮大Pershing Square。重点提及了塑造其投资思维的关键事件，如早期对MBIA的做空操作，以及Valeant事件带来的深刻教训，这些经历共同构成了他投资哲学的基石，并促使他向永久资本结构转型。

🛡️ **投资哲学与护城河理论：** 阿克曼强调“持久性”和“经济护城河”在投资中的重要性。他倾向于寻找那些拥有强大竞争优势、能够抵御外部冲击并长期保持盈利能力的公司。这种对企业内在价值和可持续竞争力的关注，是他做出投资决策的核心依据。

📈 **风险管理与集中投资策略：** 文章阐述了Pershing Square在风险管理方面的策略，特别提到了其对集中投资的运用。通过深入研究和精选少数高质量标的，并在这些标的上进行较大比例的投资，以期获得超额回报。同时，也探讨了这种策略下如何平衡风险与收益。

🚀 **对未来趋势的洞察：** 除了对过往经历的总结，文章还包含了阿克曼对当前和未来一些重要议题的看法，包括人工智能（AI）对投资领域的影响，以及他对高等教育现状的思考。这些观点为读者提供了更广阔的视野，理解其投资理念在不断变化的市场环境中的适应性。

🤝 **积极主义投资与人才培养：** 文章还触及了Pershing Square作为一家积极主义投资者的角色，以及他们如何通过参与公司治理来创造价值。此外，还介绍了公司在招聘和培养投资专业人才方面的标准和方法，体现了其对团队建设的重视。

Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a permanent capital structure. He also unpacks his investment philosophy, the importance of durability and moats, and his team’s approach to risk, activism, and concentrated investing. Along the way, Bill offers thoughts on AI, higher education, and what excites—and concerns—him about the future — and much more! 

Key Topics:  

● Bill's near-death experience and early independence (2:19) 

● Skills learned at Harvard and lessons from rowing and sales (3:50) 

● Real estate foundation and Gotham Partners launch (6:44) 

● Early credit derivative bet and discovery of MBIA issues (12:23) 

● Formation and lessons from Pershing Square (19:02) 

● The three eras of Pershing Square and the importance of permanent capital (21:03) 

● Bill's investment philosophy and focus on durable moats (27:31) 

● Thoughts on capital-light, network-effect businesses (33:58) 

● How Pershing Square handles portfolio concentration and risk (36:30) 

● Impact of AI and the resilience of activist investing (40:17) 

● Student pitch trends and what makes a strong investment case (43:25) 

● What Pershing looks for when hiring investment professionals (47:29) 

● What worries and excites Bill today (51:34) 

● Recommended reading and X as a research tool (54:34) 

● And much more! 

Mentioned in this Episode: 

● Pershing Square Capital Management 

● Gotham Partners 

● MBIA Inc. 

● Farmer Mac 

● Herbalife 

● Valeant Pharmaceuticals 

● General Growth Properties 

● Hilton Worldwide 

● Uber Technologies 

● Universal Music Group 

● Brookfield Asset Management 

● The Financial History of Berkshire Hathaway by Adam Mead 

● The Compounders: Lessons from 50+ Stories of Business Growth by Travis Wiedower 

Thanks for Listening! 

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. 

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