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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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Cyclones name WSU’s Rogers to replace Campbell

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Cyclones name WSU's Rogers to replace Campbell

Washington State coach Jimmy Rogers has agreed to a six-year deal to become the next coach at Iowa State, the school announced Friday.

Iowa State athletic director Jamie Pollard moved quickly to replace departing coach Matt Campbell, who agreed to an eight-year deal to take over Penn State on Friday, and landed Rogers, a proven winner at the FCS level who just concluded his first regular season at Washington State.

“Jimmy Rogers is a rising star in college athletics who has very strong ties to the Midwest both as a player and as a coach,” Pollard said in a statement. “He has been on my short-list ever since the first time I met him. He immediately impressed me with his interest in Iowa State University and told me during our first visit several years ago that he wanted to be the next head coach at Iowa State.

“Since our initial meeting, I have stayed in close contact with him and have been very impressed with his work ethic and understanding of what it takes to be successful at Iowa State,” Pollard added. “He is a proven winner who has demonstrated throughout his career that he will fit our culture.”

Rogers, 38, has a 33-9 record over three seasons as a head coach. He went 6-6 in his debut season at Washington State after overseeing a significant roster rebuild following the departure of coach Jake Dickert to Wake Forest.

“My family and I are excited to be joining the Iowa State University community and the Cyclone football program,” Rogers said in a statement. “Iowa State has been one of the nation’s top programs for the last decade and we look forward to building upon its upward trajectory. I’m extremely grateful for the opportunity that Jamie Pollard has given me to lead the Cyclones.”

Rogers previously spent 12 years at South Dakota State and led his alma mater to an FCS national championship in 2023 with a 15-0 season in his first year as the Jackrabbits’ head coach after taking over for longtime coach John Stiegelmeier.

Rogers carried a 29-game win streak into his second year as coach and achieved a No. 3 finish in 2024 with a run to the FCS playoff semifinals and a 12-3 season.

The Jackrabbits also won the FCS national championship in 2022 after Rogers was elevated to being the team’s sole defensive coordinator, and they played for another FCS title in 2020.

Campbell, the winningest coach in Iowa State history with 72 victories, led the Cyclones to eight winning seasons during his decade at the helm and two appearances in the Big 12 championship game.

The Cyclones went 8-4 this season and are awaiting their bowl selection on Sunday.

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Cool it! JMU AD scolds fans for throwing snowballs

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Cool it! JMU AD scolds fans for throwing snowballs

HARRISONBURG, Va. — James Madison athletic director Matt Roan used the public-address microphone to implore Dukes fans to stop throwing snowballs onto the field during the Sun Belt Conference championship game against Troy on Friday night, warning that their actions could cost JMU a penalty.

Roan’s address to the crowd followed an incident that affected the game.

With 4:30 left in the first quarter, Troy’s Evan Crenshaw was nearly hit by a snowball while punting from the end zone with the JMU student section behind him. Crenshaw shanked a 26-yard punt that helped set up the Dukes’ first score, a 40-yard field goal.

Fans in the student section began throwing snowballs during pregame warmups, when the Dukes’ marching band got pelted. They kept it up for most of the first half, despite repeated warnings over the PA system.

Harrisonburg received about 1½ inches of snow Friday, its first measurable snowfall of the season.

No. 19 JMU had an outside shot at making the College Football Playoff field with a win over Troy and a loss by No. 16 Virginia to Duke in Saturday’s Atlantic Coast Conference championship game.

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No. 1 recruit DT Lamar Brown signs with LSU

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No. 1 recruit DT Lamar Brown signs with LSU

LSU and coach Lane Kiffin closed a busy early signing period with a bang Friday, officially securing the signature of defensive tackle Lamar Brown, ESPN’s No. 1 overall 2026 recruit.

Brown, a 6-foot-5, 285-pound defender from Erwinville, Louisiana, signed his letter of intent on the final day of the three-day period, the program announced, formally joining Kiffin and the Tigers as the program’s first No. 1 overall addition since Leonard Fournette in 2014.

Committed to the program since July, Brown was not initially expected to sign this week following meetings between Brown’s representatives and members of the LSU staff Tuesday.

While Brown remained verbally committed to the program, sources told ESPN that his camp harbored reservations over Kiffin’s to-be-completed coaching staff. Uncertainty hanging over the futures of Tigers interim coach Frank Wilson and defensive coordinator Blake Barker marked a particular concern for Brown, who attends high school on the LSU campus and developed close relationships with the program’s previous staff during his recruitment.

As of Friday afternoon, the Tigers have not publicly announced plans for the program’s defensive staff. The statuses of Wilson and Baker, a reported candidate for multiple head coach openings across the country, remain unclear, too. But according to ESPN sources, Brown and the Tigers progressed toward his signing through talks across Wednesday and Thursday, culminating in the program officially landing his signature Friday afternoon.

Within an impressive Tigers defensive class in 2026, Brown was not alone in initially holding off on signing this week before ultimately submitting the official paperwork.

LSU officially announced the signing of ESPN 300 defensive tackle Richard Anderson (No. 90 overall) on Thursday after questions swirled over his signature on the opening day of the signing period. Top 60 defensive linemen Deuce Geralds (No. 39) and Trenton Henderson (No. 60) each pushed their signings to Friday. Henderson, amid late flip efforts from Auburn and Florida State, gave the Tigers his signature Friday morning. Geralds, ESPN’s No. 2 defensive tackle in 2026, followed in the afternoon, minutes before the program announced Brown’s signing.

For Kiffin, who officially arrived Sunday, Brown’s signature closes LSU’s class of ESPN 300 additions and marks a strong finish to a hectic first week on the recruiting trail with the Tigers.

Uncertainty surrounding Brown and the program’s top defensive pledges hung over early-week commitments from wide receiver Brayden Allen and former Ole Miss pledges J.C. Anderson (No. 165 in the ESPN 300) and Ryan Miret. Pass catcher Corey Barber, another ex-Rebels commit, also signed with the Tigers on Wednesday. LSU also lost five commitments following Kiffin’s arrival, headlined by safety Dylan Purter (No. 266), who flipped to Florida on Thursday.

Kiffin & Co. took some big swings, as well. Sources tell ESPN that the Tigers made late efforts to flip USC tight end signee Mark Bowman (No. 29 overall) and four-star South Carolina quarterback signee Landon Duckworth (No. 186). LSU also attempted to sway No. 1 wide receiver Chris Henry Jr., who affirmed his pledge to Ohio State and signed Friday.

With Brown officially in the fold, the Tigers will close the early signing period with the nation’s No. 14 signing class in ESPN’s latest class rankings for the cycle.

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