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.
Plans have been announced for a new “landmark tower” in London with double the floor space of Britain’s tallest building, The Shard.
JPMorgan Chase unveiled details of the proposed office block after banks escaped having their taxes raised in the budget earlier this week.
The US multinational bank said the new building in Canary Wharf, in the east of the capital, would have a floor space of three million square feet. The Shard, in London Bridge, covers 1.3 million square feet.
However, the final design of the tower, including its height, is still being finalised.
A spokesperson for the firm told Sky News that they hoped to have clarity “soon” on how tall the building would be and the number of storeys. But it is expected to be one of the biggest office blocks in Europe.
JPMorgan Chase boss Jamie Dimon reportedly signed off on the plans late last week.
It came after Sir Keir Starmer’s business envoy Varun Chandra flew out to New York to personally “offer assurances about the government’s business-friendly policies,” the Financial Times reported on Friday.
Image: The Shard is the tallest building in western Europe. Pic: Reuters
The company also warned in a press release that its plans were “subject to a continuing positive business environment in the UK”, as well as planning permission from local authorities.
JPMorgan Chase said the project could contribute up to £9.9bn to the UK economy over six years, including by generating 7,800 jobs, many of them in the construction industry.
The tower would house up to 12,000 people and serve as JPMorgan Chase’s main UK headquarters and its most significant presence in Europe, the Middle East and Africa.
The firm, which employs 23,000 people in the UK, said the tower would be “one of the largest and most sophisticated in Europe”.
The building is being designed by British architects Foster and Partners, known for landmarks projects including the new Wembley Stadium and London’s Millennium Bridge.
Mr Dimonsaid: “London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy.
“This building will represent our lasting commitment to the city, the UK, our clients and our people.”
Mr Dimon added: “The UK government’s priority of economic growth has been a critical factor in helping us make this decision.”
Chancellor Rachel Reeves said she was “thrilled” about the announcement, while Mayor of London Sir Sadiq Khan said it represented a “huge vote of confidence in the capital’s future”.
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.
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.
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.”
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”.
Like many in the new generation of right-wing European politicians, he has a neat haircut and sharply cut suits – now add to that glasses and some light stubble.
It’s all designed to achieve two things: clean up a historically toxic and racist far-right brand, and disguise his youth.
Bardella is only 30 years old, he has little life-experience outside politics, but he will be the next president of France in 2027 if new polls hold up.
The rebrand is working. For the first time this week, French polling company Odoxa predicted Bardella would win the presidency whatever his competition.
Bardella has a strong social media presence – 1.2 million followers on Instagram, 2.2 million on TikTok. It’s attracting a youth following who identify with this young pretender.
Image: Bardella attracts plenty of fans wherever he goes
“We find that he thinks about us, about future generations, and that he’s trying to improve things for us,” a young girl told us as she waited for Bardella to arrive at the latest stop on his national book tour.
“We really feel like he’s there for us.”
“Everything he says is really good,” her friend added. “He’s got a bit of humour as well.”
Neither are yet old enough to vote. They will be by the time the next elections come around, though.
Image: There are plenty of youngsters drawn to Bardella’s campaign
A platform for the presidency
Bardella’s new book, What The French People Want, is his snapshot of France today – told through the eyes of 21 ordinary French people, presumably carefully selected.
The collection of short stories paints a picture of a country that has drifted from its national identity. It is Bardella’s platform to campaign for the presidency in 2027.
We spent the day with him on his book tour (campaign launch) in the town of Vesoul in eastern France. It’s classic new National Rally territory.
The town has voted for the right-wing party in the last two elections, and its MP is another 30-something in the mould of Bardella.
“Sh*t, the enemy,” one person remarked when they overheard us speaking English. “Were you at the battle of Waterloo?”
Image: Bardella’s book release comes less than two years before the presidential election, due in spring 2027
The reception Bardella got, especially among the young, was hysterical. For well over an hour as the rain started to fall, he was surrounded by a crowd shouting his name and barging their way into his line of vision for a valuable selfie.
Bardella took his time, flashing his smile for hundreds of photos, savvy enough to know that each one posted on Instagram or Facebook is free advertising for his campaign.
But not everyone’s a fan…
Vesoul is friendly ground for Bardella, but National Rally remains a toxic brand in many people’s eyes. Plenty of French do not want to see him become their next president.
As the light faded and Bardella moved from one market stall to another at the town’s annual fair he was suddenly attacked by a local schoolboy who threw flour at him.
Bardella was bundled into a nearby gazebo and quickly surrounded by advisers and security.
His assailant, a 17-year-old, was arrested and taken away by police who had otherwise been standing to one side as the circus rolled through.
Image: Not everyone’s a fan of the young pretender
Bardella’s smart blue raincoat was now covered in white dust. The atmosphere turned as cold as the late November evening.
His security tried to stop us filming, flashing lights into our camera and physically threatening us as they escorted their man away through the now largely deserted market stalls.
“Next time I’ll beat you,” one of them shouted, wielding an umbrella.
Bardella’s social media channels would later make no reference to the incident. Follow him and watch them, and you would never know anything happened.
A short time later, cleaned up and in a change of clothes, Bardella was smiling again and posing for more selfies at a hotel in the town centre.
Has France had enough of ‘experts’?
Outside, hundreds waited in the cold and drizzle to get their copies of his book signed. The image of long queues around France is one that his social media team has pounced on.
Bardella has little to no experience outside of politics, having joined National Rally as a 16-year-old and dropping out of university. His youth and lack of another career is a criticism he dismisses with a well-rehearsed answer when I spoke to him between signings in a rare interview.
Image: Bardella voting in last year’s snap parliamentary elections, which have caused chaos in French politics. Pic: Reuters
“That’s an argument I hear often from my political opponents, but only when it suits them,” he says.
“When the mayor of New York is elected at 34, the left applauds. When Gabriel Attal becomes prime minister at 33, the right applauds.
“I don’t believe age is any guarantee of effectiveness. For 30 years, our country has been led by people we were told were experts: people from elite schools, people presented to us as the brightest minds in finance. We can’t exactly say the results have been outstanding.”
Detoxifying the brand
He, and the party, have tried to distance themselves from the openly antisemitic and racist views of its founder, Jean-Marie Le Pen.
Le Pen’s daughter, Marine, remains the party matriarch but is banned from running for office after being found guilty of embezzling funds earlier this year. She will appeal but if she loses Bardella is her chosen successor.
Image: Marine Le Pen and Jordan Bardella. Pic: AP
Bardella has visited the Holocaust memorial of Yad Vashem in Jerusalem and severed links with the extremist AfD in Germany. But he stills holds what many would regard as extreme views on immigration, classifying it as “a major emergency” and vowing to abolish “droit du sol” – the automatic birthright to French citizenship.
“All European countries, including the United Kingdom, are realising that immigration poses a threat to the major balances of society and to European societies as a whole, because it creates tensions, fuels insecurity, disrupts our identity, and places an economic and social burden on public finances,” he says.
Backing for Farage
I put to Bardella the prospect that in a few years, he could be president of France and Nigel Farage could be prime minister of the UK – two of Europe’s biggest powers led by far-right leaders.
“I have a lot of respect for Nigel Farage, for his fighting spirit,” Bardella replied.
“I think he’s extremely solid. He has never wavered in his determination to defend the interests of the British people first, and I truly wish for the UK that he becomes prime minister.
“That’s a personal view, I’m not trying to interfere.”
Image: Reform’s Nigel Farage – if you believe the polls, Britain’s likely next prime minister. Pic: PA
Bardella has stopped short of proposing a “Frexit” but his views on the EU are clear, and Paris’s relationship with Brussels will undoubtedly change if he enters the Elysee Palace.
“Every time the European Union gets involved in something, it turns into a disaster,” he says.
“We handed agriculture over to the EU, it was a disaster. We handed energy over to the EU, companies are shutting down in France because energy prices and EU pricing rules have soared, especially since the start of the war in Ukraine. We entrusted immigration policy to the EU, again it was a disaster.”
He sees the UK as a major player in his vision for a reshaped Europe: “It is a great country, historically and geographically. I believe that in a Europe of nations, the UK would find a new role.”
And he is pro-Ukraine, telling me “a peace agreement cannot be made on Russia’s terms, because I do not underestimate, and no one should underestimate, President (Vladimir) Putin‘s intentions and ambitions”.
Bardella is capitalising on the dysfunction and deep unpopularity of Emmanuel Macron‘s administration. Four prime ministers in a little over a year have left the French public frustrated and disillusioned with the current leadership.
The country’s debt to GDP ratio is reaching crisis levels.
Bardella certainly presents something different and the French public, however sceptical, might just be fed up enough with the current generation of politicians to take a punt on him in 18 months’ time.