Connect with us

Published

on

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?

Essential weekly read to fuel business lunches.

Please provide a valid email address.

By clicking above you agree to the Terms of Use and Privacy Policy.

Thanks for signing up!
Never miss a story.

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.

Continue Reading

Sports

SEC calls out refs for missing OU’s ‘hideout tactic’

Published

on

By

SEC calls out refs for missing OU's 'hideout tactic'

An SEC officiating crew failed to identify a “hideout tactic” on Oklahoma‘s second-quarter touchdown in the 11th-ranked Sooners’ Week 4 win over No. 22 Auburn, the conference announced in a statement late Saturday night.

Oklahoma led 10-3 after quarterback John Mateer connected with Isaiah Sategna for a 24-yard touchdown with 10:45 remaining in the first half on Saturday. Before the snap, Sategna had walked toward the Sooners’ sideline appearing to feign a substitution, but he remained on the field before streaking down the sideline through the Tigers’ secondary undetected for the scoring reception.

Oklahoma went on to beat Auburn 24-17 after Mateer’s go-ahead rushing touchdown with 4:54 left in the game.

Hours later, the SEC announced that its officiating crew “did not properly interpret the action as a hideout tactic” and said the Sooners should have been assessed an unsportsmanlike conduct penalty that would have wiped out Sategna’s touchdown.

“If properly officiated, the second down play should have resulted in an unsportsmanlike conduct penalty of 15 yards assessed from the previous spot,” the statement read. “Appropriate accountability will be applied without additional comment.”

The statement referred to NCAA football rule G-2, Article 2, related to “unfair tactics.”

“No simulated replacements or substitutions may be used to confuse opponents,” the rule states. “No tactic associated with substitutions or the substitutions process may be used to confuse the opponent. This includes any hideout tactic with or without a substitution.”

Following the game, Oklahoma offensive coordinator Ben Arbuckle referred to the call as a “tempo play.” Sooners coach Brent Venables similarly knocked down the suggestion that it had been a case of deception, claiming that Oklahoma confirmed with an official that Sategna was lined up and that “everything’s good and legal.”

However, Auburn coach Hugh Freeze made his feelings clear afterward. The Tigers’ sideline appeared to notice Sategna’s pre-snap movement, and Freeze said he attempted to call a timeout before the ball was snapped while noting that warnings against using such tactics had been clearly emphasized before the season.

“They said they didn’t hear us trying to call timeout,” Freeze said. “We were instructed all offseason about deception plays and things. So, we’ll see what’s said. I really don’t know what will be said about that.”

Shortly after, the SEC released a rare statement criticizing its own officials and promising further accountability. The move marked at least the second high-profile officiating issue over the opening month of the 2025 regular season after the Big 12 reprimanded one of its officiating crews for failing to identify a rules violation in Missouri‘s 42-31 win over Kansas on Sept. 9.

Continue Reading

Sports

Manning gets ‘swagger back’ as Longhorns roll

Published

on

By

Manning gets 'swagger back' as Longhorns roll

AUSTIN, Texas — Arch Manning passed for 309 yards and three touchdowns in his sharpest game of the season so far as No. 8 Texas cruised to a 55-0 win over Sam Houston on Saturday night.

Manning was 18-of-21 passing and also ran for two first-half touchdowns. He connected with Ryan Wingo for touchdowns of 53 and 13 yards in the third quarter before leaving the game with Texas (3-1) leading 45-0.

“It felt good,” Manning said. “I wish I could have done that the last [three] weeks. But I’m glad we did it tonight … Got the ball in my guys’ hands and let them go to work.”

Manning needed a confidence-builder after a poor start to the season and got one against the overmatched Bearkats (0-4). His passes looked crisp and decisive, and after his first touchdown run of the game, he stood and flexed over a defender before a game official broke them up.

His Texas teammates were glad to see it.

“He got his swagger back,” Texas senior safety Michael Taaffe said. “Everybody knew that it was in there. What he showed tonight is what we expect.”

Manning said he worried he’d get a taunting penalty, and that he quickly apologized to the game official.

“Probably a little much there. My mom was pretty mad about it,” Manning said. “I think it was some built-up frustration for the past few weeks.”

Manning had come into the game completing just 55% of his passes. The preseason betting favorite for the Heisman Trophy had promised several times during the week that he would start playing better. At one point Saturday night, Manning completed 14 passes in a row.

“When he plays a little looser and he’s free, that’s the best version of Arch,” Texas coach Steve Sarkisian said. “He got going and started throwing the ball. Started using his legs. You could feel the bounce in his step on the field.”

Manning said he won’t concern himself with the national chatter about him this week, or the critics who dismissed him after the first few games.

“I’m not really worried about what anyone thinks of the narratives. I’m just trying to play ball, get wins. That’s most important, especially going into SEC play. Right?” he said.

Continue Reading

Sports

Lagway vows Gators will improve after third loss

Published

on

By

Lagway vows Gators will improve after third loss

MIAMI GARDENS, Fla. — Florida quarterback DJ Lagway guaranteed the Gators would play better on offense following a 26-7 loss to Miami on Saturday following the worst offensive showing under embattled coach Billy Napier.

The Gators had 141 total yards, their fewest in a game since 1999 against Alabama and went 0-for-13 on third down, its worst showing since 1998 vs Florida State. Lagway, a week after throwing five interceptions in a loss to LSU, went 12-of-23 for 61 yards passing. According to ESPN Research, he totaled minus-3 air yards on his 12 completions, as seven of them were caught behind the line of scrimmage.

Asked about his struggles after leading Florida to a 6-1 record last year as the starter, Lagway said, “It’s been hard, but let me tell y’all something. We’re going to get things changed for sure. I can guarantee that. This is not acceptable at all. I’m not going to sit here and lie to y’all and make this seem like this is OK. This isn’t OK. We’ve got to play better football, and it starts with me.”

Lagway missed all of spring football and was limited for most of fall camp with various injuries, and both he and coach Billy Napier have pointed to that as one big reason why he has struggled. Taking out the opener against FCS Long Island University, Lagway is 68-of-105 for 507 yards with two touchdown passes and six interceptions.

Against Miami, Florida struggled against a fierce pass rush, as Lagway was sacked four times and often overshot open receivers. In the first half alone, Florida only had 32 total yards — including four three-and-outs and six punts.

“I didn’t play my best ball tonight,” Lagway said. “I took what the defense gave me. I didn’t make a lot of plays that I needed to make to stand out in the game. I kind of just managed it. I didn’t make a lot of big plays, so I’m trying to find the balance between both. And still just development. Just trying to get better.”

But an 80-yard drive on its first drive of the third quarter gave Florida some hope, as the Gators trimmed the lead to 13-7. Then, the Gators got the ball back immediately after Carson Beck threw an interception. Florida moved into Miami territory, but Lagway threw short on fourth-and-3. Miami then put the game out of reach with a definitive 13-play, 80-yard touchdown drive that took 7:12 off the clock.

Florida has now scored 10 or fewer points in consecutive games for the first time since 1989, putting more pressure on Lagway and Napier, who calls the plays.

“Every position is contributing to our issues,” Napier said. “Obviously, we talked about DJ and what he’s been through this offseason. I do think that there’s some rhythm missing there, and we’re going to go back to the drawing board, and I think the open date’s coming at a good time there. We’ve got to evaluate everything we’re doing on that side of the ball.”

There may not be a better time for an open date for the Gators. When Florida plays next, it hosts No. 8 Texas on Oct. 4, before going on the road to play No. 10 Texas A&M on Oct. 11.

Lagway said he guarantees things will change because, “I’m going to start with it.”

“I’m going to demand greatness from everybody,” Lagway said. “We’re done with the playing around stuff. It’s time to get serious. It starts with me. I’ve got to set the tempo. I’ve got to set the tone in practice in meetings around the building. I know for a fact it’s going to change because it’s going to start with me.”

Continue Reading

Trending