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Bill Ackman has grown Pershing Square Capital Management to more than $16 billion from $54 million since he founded the fund nearly two decades ago. The 57-year-old activist investor speaks with On The Money about his return to office policy, his possible presidential picks and why hes still bullish on New York City.

Lydia: You are among the big names on Wall Street who didn’t move to Florida. Why?

Bill: The short answer is that I love New York City. My desire to be successful is founded on a desire to be independent. It always seemed crazy to me to sacrifice that independence to save money on taxes. If you make $100 million some people in finance make even more than that you can save $25 million of that by living somewhere cheaper.

Some people choose to manage their lives that way. I do think it’s incumbent upon New York City to make this a desirable place to live and we have to make it an attractive place to do business. If one super wealthy person leaves the city thats really bad for the revenue. I dont think it’s smart to push taxes higher I think that would actually generate less revenue.

Lydia: There have been some top players in finance like Ken Griffin who have made a show of moving to Miami and talking about how smart it is for their business. But do you think that trend will be reversed? Will we see a lot of headlines in the next year about people moving back?

Bill: I think it’s a great thing that [Citadel founder] Ken Griffin is building a major campus, if you will, in New York City on Park Avenue. I think thats an amazing thing for NYC whether it’s his primary office or not, and it speaks to the fact that a lot of the youngest, most talented people want to be here. My nephew graduated from Harvard and many of his classmates moved here even before they had a job. The city is still a big draw for young people and if this is where the talented, young people want to be, then the companies will have to have a major presence here.

Lydia: Given the younger generation wants flexibility, is it realistic to expect people to return to the office five days a week? On the flip side, can New York City flourish if you dont have people back in Midtown and back in office buildings?

Bill: Everyone wants more flexible work whether its a school play, a sports game you dont want to miss and we have technology that lets you do that. What weve done at Pershing Square is bring people back five days a week 10 months a year. Of course if theres something you need to do like a doctors appointment or working from home one day, use your best judgment. And then we give people July and August to work from anywhere with the caveat that if there’s something where we need to bring everyone together, you show up. Weve experimented with that for two years and thats worked well, people like the balance, and it works for our business.

Lydia: And you believe New York will still be a place where businesses want to operate? 

Bill: I think if NYC became an unsafe place the images you see of San Francisco where you have open air drug users lying on the street that would be very damaging and could be a tipping point for people leaving the city.

You have to manage the city and its population effectively. In San Francisco you have homeless people acting in a threatening and hostile way thats led to the emptying out and death spiral of San Francisco. Again you want to manage a city so that it is pro-business and pro-resident and you want to show care for people who are less fortunate, but that doesnt mean they can defecate on the street and threaten parents or kids.

Lydia: Is NYC poised to go into that kind of death spiral?

Bill: No, I dont think so. We have a mayor who has for obvious reasons respect for the police force and I think they respect him. I think thats really important. The whole defunding the police movement was not a good one. Bail reform went too far. If you believe the statistic, it’s several hundred people committing the vast majority of street crime and those people should be locked up.

Lydia: The new movie Dumb Money and the meme stock craze clearly a cautionary tale of a short bet gone wrong. What do you make of that film?

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Bill: We are among the most famous short sellers but thats because we shorted two stocks in the last twenty years. One short theres a movie about Herbalife [Betting on Zero] and the other short theres a book about MBIA [Confidence Game]. But we dont short stocks for precisely the reason you say. We gave up that business a long time ago because its too risky. Even when youre right you can lose a lot of money. Of course, short sellers can do amazing research.

Lydia: Youve publicly applauded the work Hindenburg has done on Carl Icahns firm. How are you thinking about Icahn now? Do you think the report captured whats going on at his firm?

Bill: What Hindenburg said has been proven out.

Lydia: Youve expressed support for a lot of different 2024 presidential candidates. Anyone else you plan to support? 

Bill: Id love Jamie Dimon to be president but hes made it clear hes not going to run. Id love for a candidate of his quality to run. I think Biden-Trump part II is not the best option for America. It would be great for us to be brought together by a more centrist candidate that members of both parties can vote for. 

Lydia: What about Vivek or RFK Jr. youve tweeted support for?

Bill: Id like to see multiple alternatives. Ive been supportive of Vivek because I know him and hes super smart and capable. I wish he was a more centrist candidate. Ive not yet met RFK but hopefully will have an opportunity to do so. But I still havent found my ideal candidate. Biden should step aside and that would create a flurry of alternative candidates. People are afraid to run against the president and I think theres some possibility of that happening.

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Trump says land operations against Venezuela drugs gangs to start ‘very soon’

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Trump says land operations against Venezuela drugs gangs to start 'very soon'

Donald Trump has warned US action against suspected Venezuelan drug traffickers will move to the land “very soon”.

American forces have carried out at least 21 strikes on boats it claims were carrying narcotics to its shores over the last few months.

The US has accused the South American country’s president, Nicolas Maduro, of being involved in the drugs trade – a claim he denies.

Venezuela has said the attacks, which have killed more than 80 people, amount to murder.

Mr Trump made the comments while in Florida for Thanksgiving. Pic: Reuters
Image:
Mr Trump made the comments while in Florida for Thanksgiving. Pic: Reuters

‘We warned them,’ says Trump

America’s most advanced aircraft carrier is among the ships that have been deployed to the Caribbean Sea and eastern Pacific as part of Operation Southern Spear.

Mr Trump said on Thursday he was preparing to significantly ramp up the response.

“You probably noticed that people aren’t wanting to be delivering by sea, and we’ll be starting to stop them by land also,” he told military service members in a call.

“The land is easier, but that’s going to start very soon.”

“We warned them to stop sending poison to our country,” Mr Trump added.

The US has released videos of boats being targeted, but hasn’t provided evidence – such as photos of their cargo – to support the smuggling claims.

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Three killed as US strikes another alleged drug boat

Even if the boats are cartel vessels, Sky’s chief correspondent Stuart Ramsay says the final destination for the drugs is likely to be Europe and West Africa.

The Pentagon has sought to justify the strikes by labelling the drug gangs as foreign terrorist organisations – putting them on par with the likes of al Qaeda and Hamas.

This week it formally designated Cartel de los Soles (Cartel of the Suns) as such, and said the group was headed by Mr Maduro and “other high-ranking individuals” from his regime.

Another Venezuelan drugs group, Tren de Aragua, was designated a terror organisation by the US in January.

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Venezuelan president dances to speech remix

Read more:
Trump may have another motive in war on drugs
The US-Venezuela crisis explained

Mr Maduro – seen by most countries as a dictator who’s cheated elections – has accused the US of “fabricating” a war to overthrow him and install a more favourable government.

Venezuelan officials have also claimed Mr Trump’s true motivation is access to the country’s plentiful oil reserves and other natural resources such as gold and diamonds.

Experts say Mr Maduro, 63, could use oil as a bargaining chip in any future negotiations.

Mr Trump has said previously he would be open to talks – but that prospect seems unlikely, with the Venezuelan leader wielding a sword this week as he vowed to “defend every inch of this blessed land from imperialist threat”.

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Israeli forces kill two Palestinian men in West Bank after they appear to surrender

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Israeli forces kill two Palestinian men in West Bank after they appear to surrender

Israeli forces killed two Palestinian men in the West Bank after they appeared to be surrendering.

Palestinians said the killings, which were captured on video and shown on two Arab TV channels, were carried out “in cold blood”.

In the video, the men were seen exiting a building and lying on the ground in front of Israeli forces in the northern West Bank city of Jenin.

Both men lifted their T-shirts and held their hands in the air, apparently to show they were not carrying weapons or explosives.

The soldiers then appeared to order the men back inside the building before they were shot.

A Reuters journalist in the area saw the men leave the building, appearing to surrender, and later, after hearing shots fired, saw Israeli forces standing near what appeared to be a lifeless body.

The men were identified as al Muntasir Abdullah, 26, and Yousef Asasa, 37, by Palestinian authorities.

Footage of the incident has been broadcast on Arab TV channels
Image:
Footage of the incident has been broadcast on Arab TV channels

What has Israel said about the incident?

A joint statement between the Israeli Defence Forces and Israeli police said: “Earlier this evening (Thursday), during an Israel Border Police and IDF operation in the area of Jenin, the forces operated to apprehend wanted individuals who had carried out terror activities, including hurling explosives and firing at security forces.

“The wanted individuals were affiliated with a terror network in the area of Jenin.

“The forces entered the area, enclosed the structure in which the suspects were located, and initiated a surrender procedure that lasted several hours. Following the use of engineering tools on the structure, the two suspects exited.

“Following their exit, fire was directed toward the suspects.

“The incident is under review by the commanders on the ground, and will be transferred to the relevant professional bodies.”

Israel’s far-right national security minister Itamar Ben-Gvir said the military and police unit involved in the shooting had his “full backing”.

“The fighters acted exactly as expected of them – terrorists should die!” he wrote on X.

A Reuters journalist captured images from near the scene. Pic: Reuters
Image:
A Reuters journalist captured images from near the scene. Pic: Reuters

‘An outright extrajudicial killing’

But Palestinians and human rights groups say Israeli investigations in such incidents yield few results, with Israeli troops rarely prosecuted.

The Palestinian prime minister’s office in Ramallah also accused Israel of executing the men “in cold blood”, calling the shooting “an outright extrajudicial killing in blatant violation of international humanitarian law”.

Yuli Novak, the executive director of B’Tselem, an Israeli human rights organisation, said: “The execution documented today is the result of an accelerated process of dehumanisation of Palestinians and the complete abandonment of their lives by the Israeli regime.

“In Israel, there is no mechanism that acts to stop the killing of Palestinians or is capable of prosecuting those responsible.”

Read more from Sky News:
Hong Kongers reel from fire disaster
National Guard trooper shot in DC dies

Israel’s military has scaled up its military operations in the West Bank since the October 7 Hamas attack, which triggered the war in Gaza.

Since October 2023, Israeli forces and settlers have killed more than 1,000 Palestinians in the West Bank, according to B’Tselem, which said the perpetrators were “granted full impunity by Israel”.

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Swiss tourist killed in Australia shark attack – as partner in critical condition after fighting to save her

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Swiss tourist killed in Australia shark attack - as partner in critical condition after fighting to save her

A Swiss woman has died in a shark attack in Australia – with her partner in a critical condition after trying to save her.

It happened on Thursday at Kylies Beach in Crowdy Bay, near Port Macquarie, about 218 miles (350km) north of Sydney.

Police said a passer-by who made a tourniquet to stem the man’s bleeding had probably saved his life.

Switzerland’s foreign affairs office didn’t name the victims – who are both believed to be in their 20s – but confirmed they were Swiss citizens.

The pair are said to have arrived the night before, camping nearby before going for a swim with dolphins at dawn – a time when sharks are more active.

The man suffered major wounds to his thigh after trying to fight off the shark and dragging his partner more than 50m back to shore, reported Sky News Australia.

The woman died on the sand but call handlers instructed the passer-by how to fashion a tourniquet from a swimsuit in order to treat the man.

Early assessments indicate a bull shark may be responsible. File pic: iStock
Image:
Early assessments indicate a bull shark may be responsible. File pic: iStock

New South Wales Ambulance superintendent Josh Smyth said the backpacker’s quick thinking was “heroic” and created valuable time for them to reach the remote, unpatrolled beach.

Sky News Australia said initial indications are a large, mature bull shark may be responsible.

The beach has been closed while drones scour the area and drumlines have been laid in the hope of capturing the shark.

Read more from Sky News:
National Guard member dies after gun attack
Hong Kong reels from worst modern disaster

Authorities are also reportedly reviewing “harrowing footage” captured by the couple before the attack that could reveal more about what happened.

The man remains in a critical condition after being airlifted to hospital.

The attack comes two months after a man was killed by a shark, believed to be a great white, while surfing at a popular Sydney beach.

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