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.
When Florida Panthers star Matthew Tkachuk raised the Stanley Cup over his head for the second straight season, the on-ice celebration included two of the most important people in his life: Father Keith Tkachuk, who played 18 seasons in the NHL; and brother Brady Tkachuk, captain of the Ottawa Senators.
Keith was smoking cigars and hoisting the Cup with Matthew around the arena. Brady was holding a beer and diligently avoiding contact with the Cup, as superstition dictates that an NHL player should never touch it if they’ve never won it before.
The celebration was another memorable moment for the Tkachuk boys and their father. This month, another one arrived: The trio graces the cover of EA Sports’ NHL 26 Deluxe Edition.
“Growing up, Matthew and I dreamed of playing just like our dad,” Brady Tkachuk said. “Even now, his influence on how we play and prepare remains huge. It’s an honor to be featured on the cover. Having him standing alongside us makes the whole thing even better.”
We spoke with Matthew and Brady Tkachuk recently about their video game history, the Panthers’ wild offseason, Brady’s future in Ottawa, Matthew’s health heading into next season and their thoughts on the new NHL collective bargaining agreement.
But first, we asked two of the first players named to the 2026 U.S. men’s Olympic ice hockey team about chasing gold. Responses were edited for length and clarity.
You guys became USA Hockey legends after the 4 Nations Face-Off, if you weren’t already. Obviously, the tournament did not end the way Americans wanted. Is winning Olympic gold in the 2026 Winter Games in Italy the ultimate revenge on our friends in Canada?
MATTHEW TKACHUK: I don’t even know if you look at it as revenge, but it’s been a long time coming since USA Hockey’s been at the top of the mountain. Canada’s owned the Olympics or World Cups or even the world championships, although we got that back a little bit this year. They’ve been the leader in all of that and the team that we’ve all been trying to knock off.
I don’t think it’d be as much as revenge than showing how far along USA Hockey has come. We’ve had some incredible players and national teams that we’ve looked up to our whole lives but that haven’t gotten the job done. So, not only would winning [gold] accomplish dreams for us, but hopefully it would bring a lot of satisfaction for those guys that paved the way for us.
Brady, you play in a Canadian city while trying to win Olympic gold for the Americans. What’s that dynamic like?
BRADY TKACHUK: Learning from experience, it’s a little bit of a different position to be in. All the people that support you on a day-to-day basis, now they don’t want you to win.
Your dream as kids is winning the Stanley Cup and winning a gold medal for your country. I know that’s always been our two main goals. But we got into hockey, and a lot of people got into hockey, from the 1980 Miracle on Ice. And now, we have an opportunity to pave the way for the next generation of kids in the U.S. that maybe wouldn’t be playing hockey if they didn’t get to experience USA Hockey in the Winter Olympics and potential gold medals.
There’s not just playing for ourselves in that locker room with that group, but you’re really playing for your country and you’re playing for the next generation of kids. And like Matthew said, you’re playing for the guys that have paved the way, that are to be so supportive and fired up to be watching.
You guys are NHL 26 cover athletes, along with your dad. We spoke to Keith recently, who reminisced about seeing the glow of a video game screen under the doors of your bedrooms, whether it was when you were younger or in Matt’s case, when he was playing in Calgary. What’s your brief history of playing video games together?
MATTHEW TKACHUK: Yeah, we would play. I think during COVID was probably the last time I religiously played, and that was when we were all under one roof before I had my house in St. Louis. Brady and I played a lot. NHL is definitely one of them. I think Brady has played more throughout his life than I have, and that was one of the things that he was much better at than I am. So, I didn’t really play too much against him.
We played the game like how you’d probably expect us to play: Turn off all the penalties, make all the guys really big and fast. It was like prison rules NHL. So, it was a lot of fun.
BRADY TKACHUK: I honestly feel like we had a pretty religious routine. Right after school, if it was a nice day, out for roller hockey then dinner and then we were playing NHL. We try to sneak in a best-of-seven if it was early enough, but it was a lot of fun. Either we played together or most of the time, we’re playing together against each other and it was a ton of fun.
Now that you’re in the NHL, what is the level of interest or concern among the boys when it comes to their EA Sports ratings? Do they still care?
MATTHEW TKACHUK: We don’t talk about it too much. I know that there’s one day, maybe it might be at the beginning of the year, which I guess is coming up here soon, where you go over your rating or you guess another player’s rating. I think where they get pissed off is when you guess their rating and it’s way lower than their actual rating is.
You’ve got to be careful with who the sensitive guys are on the team because you don’t want that to actually affect them — and you never know if it might. Hockey players are proud athletes. You want to have a decent rating.
BRADY TKACHUK: I’m probably one of the guys that will just play a game as the Sens to see where my rating is at, to see how good my guy is. This version is exciting because it’s more individual-based. You can see within the game how I am in real life, and that’s really cool and unique.
These ratings are always fun. And to be honest with you, I don’t know what the rating is going into this year’s game. I know they give a midyear bump and that’s the goal: That hopefully I get a midyear bump because that means I’m playing well.
Matthew, your name was recently listed by the White House as being part of the President’s Council on Sports, Fitness, and Nutrition, joining names like Wayne Gretzky and Mariano Rivera. How did you get involved in that?
MATTHEW TKACHUK: I’m not actually allowed to comment on that until it’s official yet. So, I have to wait on that a little bit. But I promise in a few weeks, if that comes true, I’ll answer that for you.
MATTHEW TKACHUK: I don’t know if I was shocked. I think at the time, as a player and more importantly as a friend, you’re more worried that one of your buddies is going to go elsewhere. At the end of the day, you want your teammates and your best buddies to be happy with whatever decision they make. So, if that’s chasing a ton of money or if that’s going to where they want to play, you just got to be happy for them.
The best part about those three is they all believe in what we’re doing in Florida. They want to live in Florida, they want to play on a good team, and they want to have a great group of players surrounding them.
Out of all of them, I was most confident in [Ekblad] staying the most. Just because he’s been a lifelong Florida Panther. I just think it was going to be impossible for him to leave. And then the other guys … I mean, this was a chance for them to cash in. You just didn’t know if it was going to be with us or not.
I was surprised, though, that they were all able to stay. I thought that with the way the money was tied up, you didn’t know if it was going to be possible — and somehow it was. Everybody was taken care of so well.
Bill did a great job of making sure it could happen. You want your best buddies to be rewarded with how great they played and how great they’ve been up to this point. I think they all got rewarded very well, and I’m just so excited to have a chance to hopefully run it back with them this year.
MATTHEW TKACHUK: Marchand, when he first got traded, I would’ve thought there was never a chance that we’re going to be able to keep everybody. As time goes on and you have success and you get to know guys and you get to know what their wants and desires are with the rest of their career — or where they want to live — you can start connecting the dots. People just don’t want to leave Florida when they come. I think that that is the case with them and everybody that’s been there.
The only time you’re going to see guys leave is if it’s such a crazy difference with money. Some of these guys that we’ve had the last few years have really cashed in with other teams, which we’re so happy to see. I think that’s really the only way you’re going to see guys go elsewhere.
We have too good of a thing going right now, and everybody wants to be a part of it.
Brady, your dad threw cold water on all the speculation about you leaving Ottawa when we spoke recently. How much did making the playoffs, showing the progress of the Senators, give you a sense of relief that maybe some of that speculation might go by the wayside now?
BRADY TKACHUK: Yeah, I think we really needed to make the playoffs to show everybody that we’re a team that’s capable of that, but also capable of doing more than just making the playoffs.
The last couple of years, it was kind of stagnant. We had high expectations and we didn’t quite accomplish what we needed to. And with that came doubt. But I think it showed with the steps that we took last year that we have a great hockey team. I think that we’re kind of just getting started with what we want to accomplish. Playoffs are great to get to, but that’s not our end goal. The sky’s the limit for our group.
I think [that success] helped with all the speculation. When things aren’t going well, people are always assuming or trying to think in my shoes. But I was kind of never really in that thought process. It was all about sticking it out. It’s been a long time coming, for not just our team but the city, to get into the playoffs. And I think it was really important to me to end that drought.
Through all that adversity that we faced with being the bottom five teams to finally get to the playoffs was an amazing feeling. But now that we got there, I think everybody wants a little bit more and wants to accomplish all of our childhood dreams.
Obviously, the season is getting closer. Brady, we saw you were training with Trevor Zegras this summer. What are your thoughts about him getting a fresh start in Philadelphia with the Flyers?
BRADY TKACHUK: Yeah, I drove up to Connecticut and skated with him. I’ve known ‘Z’ throughout the years but got to know him pretty well when we played world championships together. He’s a great guy, and I think it’s going to be great for him to get a fresh start in Philly and under Rick Tocchet. They have a great culture there, and I think he’s just going to do a good job of fitting in.
I’ve always thought playing against Philly that they play super hard, but they have a lot of great players with skill. So, I think that is going to be the best thing for him. I’m excited to see his progression this year and see how the change affects him. I bet that’s going to be for the good.
Matthew, you were dealing with some significant injuries by the end of last season and said it was “50/50” regarding offseason surgery. What’s your path for the next few months? Are you still hoping to maybe hit the ice in October?
MATTHEW TKACHUK: I’m still hoping to hit the ice as soon as possible. If I do get the surgery, it definitely will be the first two, maybe three months [of the season] if that’s the case. But it’s still undecided at this point.
Finally, the NHL and NHLPA have signed off on a new collective bargaining agreement. We haven’t heard from many players about this deal. What did you like? What did you wish was in it that didn’t make the cut?
BRADY TKACHUK: I think Marty [Walsh], Ron Hainsey and the NHLPA did a really good job. A lot of it came behind the scenes with the NHL. They kept it discreet.
I think it’s important that we did a four-year deal and to navigate where our league is in four years’ time. Obviously, there’s things that will probably trend and want maybe more of in four years’ time. But I think the changes that they made are exciting. The 84-game schedule [means] more hockey for people to come and watch. I think it’s going to be good.
Less preseason crap, too.
MATTHEW TKACHUK: Took the words right out of my mouth.
That’s the one main thing I like. I’ve never liked the preseason setup. I mean, guys do a great job of coming into [camp] in shape. There are the captain’s skates before the preseason because everyone wants to get back and see the boys. So, I think preseason has been overrated. It’s way too long, and the games are way too much. However they were able to shorten that, I was on board with that for sure.
Florida Panthers star Matthew Tkachuk said he remains undecided about getting surgery before the 2025-26 season but acknowledged he could miss significant time should he require it.
Tkachuk, 27, revealed after the season that he sustained a torn adductor muscle and a sports hernia injury while playing for Team USA in the 4 Nations Face-Off in February. He missed the final 25 games of the NHL regular season but returned for Game 1 of the Panthers’ first-round series against the Tampa Bay Lightning. Tkachuk had 23 points (8 goals, 15 assists) in 23 games during the playoffs, including seven points in the final against Edmonton, to lead the Panthers to their second straight Stanley Cup championship.
Coach Paul Maurice said his star forward was “a mess” healthwise heading into the postseason.
“We weren’t hopeful at the start that he would survive the first round,” he said.
Tkachuk said after the season that it was “50/50” whether he’d have surgery, adding that the offseason provided ample time to make that call. Tkachuk told ESPN on Friday that “I’m still hoping to hit the ice as soon as possible.” Should he decide to go under the knife, Tkachuk said, it’s likely he’ll miss multiple months of action.
“If I do get the surgery, it’ll definitely be the first two or maybe three months if that’s the case. But it’s still undecided at this point,” said the Panthers star, whose contract and cap hit could be placed on long-term injured reserve during his recovery.
It’s been a notable offseason for Tkachuk. He appears on the cover of EA Sports’ NHL 26 and is featured with brother Brady and father Keith on the cover of the game’s deluxe edition.
Matthew and Brady Tkachuk were among the first six players named to the 2026 U.S. men’s Olympic hockey roster for the Winter Games in Italy next year. Matthew Tkachuk also married fiancée Ellie Connell in July.
All of that was after another epic, multiday Stanley Cup celebration by the Panthers in Fort Lauderdale and Miami that featured spontaneous appearances at bars, clubs and beaches as well as a championship parade.
The Panthers’ chances for a third straight Stanley Cup received a boost this summer when GM Bill Zito was able to re-sign a trio of star veteran free agents: center Sam Bennett (8 years, $64 million), defenseman Aaron Ekblad (8 years, $48 million), and winger Brad Marchand (6 years, $31.5 million).
Tkachuk said that he wasn’t surprised that all three players wanted to remain with the Panthers but that he was amazed that Zito found a way to make the money work under the salary cap.
“I thought that the way the money was tied up, you didn’t know it was going to be possible, and somehow it was,” he said. “Everybody was taken care of so well, and Bill did a great job of making sure it could happen. I think they all got rewarded very well, and I’m just so excited to have a chance to hopefully run it back with them this year.”
Tkachuk said he was confident that Ekblad would return, having been a Panther since he was drafted by Florida first overall in 2014. He was a little less certain about Bennett and especially Marchand, who both had a chance to break the bank in free agency.
“When Marchand first got traded [at the deadline this spring], I would’ve thought there was never a chance that we were going to be able to keep everybody. But as time goes on and you have success and you get to know guys’ wants and desires for the rest of their career, you can start connecting the dots,” Tkachuk said. “People just don’t want to leave Florida when they come [here]. We have too good of a thing going right now, and everybody wants to be a part of it.”
SALT LAKE CITY — The owners of the NHL’s Utah Mammoth have filed a lawsuit against a hockey equipment bag manufacturer to settle a trademark dispute.
The lawsuit filed in U.S. District Court in Utah claims the Mammoth and Mammoth Hockey LLC have reached a stalemate in the trademark fight.
“Utah Mammoth and the NHL believe strongly that we have the right to use the name Utah Mammoth under federal and state law, and that our use will not harm the defendant or its business in any way,” Smith Entertainment Group officials said in a statement. “We have taken this action only after careful consideration based on the defendant’s position.”
The Mammoth announced the new name and logo in May following the team’s first season in Utah. The team used the name Utah Hockey Club for its first season after moving from Arizona to Salt Lake City.
Oregon-based Mammoth Hockey issued a cease-and-desist letter not long after the new franchise name was unveiled, claiming potential customers would confuse the two brands and fans of rival teams would not purchase its products. The team and the company both have mammoth-shaped logos, and are associated with “Mammoth” and “hockey,” according to the letter.
Mammoth Hockey launched in 2014 and manufactures large equipment bags geared toward hockey players.
“Mammoth Hockey intends to vigorously defend the litigation recently commenced against it by Utah Mammoth of the National Hockey League and protect its longstanding trademark used in connection with the hockey goods it has manufactured and sold for the past 10 years,” Mammoth Hockey co-founder Erik Olson said in a statement to the Deseret News.