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.
Donald Trump has said that his 28-point peace plan for Ukraine is “by far” not the “final offer”, ahead of crisis talks in Geneva.
Meeting on the sidelines of a G20 summit in South Africa, European and other Western leaders scrambled to respond to the US president’s demand for Ukraine to accept the plan drawn up by the Trump administration and the Kremlin.
In a joint statement on Saturday, they said the plan announced on Friday could serve as a basis for talks to end Russia’s war in Ukraine but required “additional work”.
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As a result, a meeting has been hastily convened in Geneva, Switzerland, on Sunday, where national security advisers from the E3 – France, Britain and Germany – will meet EU, US and Ukrainian officials for further discussions.
Ahead of the talks, Volodymyr Zelenskyy said in a video address to his nation that Ukrainian representatives at the talks “know how to protect Ukrainian national interests and exactly what is needed to prevent Russia from carrying out” another invasion.
“Real peace is always based on security and justice,” the Ukrainian leader added.
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3:08
PM: ‘More to do’ on US Ukraine peace plan
The 28-point peace plan closely resembles the list of demands repeatedly stated by the Kremlin since it launched its full-scale invasion of Ukraine nearly four years ago and if adopted, would see Ukraine cede territory to Russia – and cut the size of its military.
Mr Trump has said he wants a response from Ukraine by Thursday, while suggesting an extension could be possible.
On Saturday, Mr Trump told reporters outside the White House that the plan was not the “final offer” when asked.
He said: “We’d like to get the peace, it should’ve happened a long time ago. The Ukraine war with Russia should’ve never happened. If I was president, it would have never happened. We’re trying to get it ended. One way or another, we have to get it ended.”
His secretary of state Marco Rubio insisted that the peace proposal was authored by the US, despite what a handful of senators have alleged.
“It is based on input from the Russian side. But it is also based on previous and ongoing input from Ukraine,” he said.
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3:42
The 28-point peace plan explained
Leaders have sought to balance praise for President Trump’s attempt to end the war with recognition that some terms in his proposal are unpalatable for Kyiv.
“There are many things that cannot simply be an American proposal, which requires broader consultation,” French President Emmanuel Macron said on the sidelines of the G20, adding that an agreement had to allow for peace for Ukrainians and “security for all Europeans”.
German Chancellor Friedrich Merz underlined the importance to Europe of supporting Ukraine.
“If Ukraine loses this war and possibly collapses, it will have an impact on European politics as a whole, on the entire European continent. And that is why we are so committed to this issue,” he said.
“There is currently an opportunity to end this war, but we are still quite a long way from a good outcome for everyone.”
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0:48
Keir Starmer calls for growth plan at G20
Prime Minister Sir Keir Starmer told reporters in Johannesburg: “We are concerned about [caps on military], because it’s fundamental that Ukraine has to be able to defend itself if there’s a ceasefire.”
He said the proposal “requires additional work”, adding: “And that’s why there’s been the agreement that in Geneva tomorrow [Sunday], you’ll have senior US personnel, you’ll have European NSAs [national security advisers], including the UK NSA, and obviously Ukrainians there to work further on the draft.”
Sir Keir also spoke to Mr Trump, relaying discussions held at G20 to the US leader, according to a Downing Street spokesperson, who added that the two leaders would speak again on Sunday.
“The G20 has worked together before to fix fundamental problems in the global economy. We need to find ways to play a constructive role again today in the face of the world challenges,” he said.
“I’d like to see us come together around a five-point plan for growth that leaves no one behind.”
Image: Sir Keir Starmer, Emmanuel Macron and Friedrich Merz at the G20 summit. Pic: PA
The US, however, is boycotting the talks.
The Trump administration made its opposition to South Africa’s G20 agenda clear earlier this year when the country started holding meetings ahead of the summit. South Africa gets to set the agenda as the country holding the rotating G20 presidency.
G20 leaders broke with tradition and adopted a declaration at the start of their summit – despite opposition from the US.
Vincent Magwenya, spokesman for South African president Cyril Ramaphosa, said a leaders’ declaration was adopted unanimously in Johannesburg.
The White House later accused South Africa of refusing to facilitate a smooth transition of the G20 presidency.
The G20 bloc was formed in 1999 as a bridge between rich and poor nations to confront global financial crises.
While it often operates in the shadow of the powerful Group of Seven nations, G20 members represent around 85% of the world’s economy, 75% of international trade and more than half the global population.
The new John Deere Z370RS Electric ZTrak zero turn electric riding mower promises all the power and performance Deere’s customers have come to expect from its quiet, maintenance-free electric offerings – but with an all new twist: removable batteries.
The latest residential ZT electric mower from John Deere features a 42″ AccelDeep mower deck for broad, capable cuts through up to 1.25 acres of lawn per charge, which is about what you’d expect from the current generation of battery-powered Deeres – but this is where the new Z370RS Electric ZTrak comes into its own.
Flip the lid behind the comfortably padded yellow seat and you’ll be greeted by six (6!) 56V ARC Lithium batteries from electric outdoor brand EGO. Those removable batteries can be swapped out of the Z370RS for fresh ones in seconds, getting you back to work in less time than it takes to gravity pour a tank of gas.
When John Deere launched the first Z370R, Peter Johnson wrote that electrifying lawn equipment needs to be a priority, citing EPA data that showed gas-powered lawnmowers making up five percent of the total air pollution in the US (despite covering far less than 5% of the total miles driven on that gas). “Moreover,” he writes, “it takes about 800 million gallons of gasoline each year (with an additional 17 million gallons spilled) to fuel this equipment.”
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Sir Keir Starmer has urged anyone with information on the Jeffrey Epstein case to come forward after Andrew Mountbatten Windsor missed the deadline to appear in front of US Congress.
US legislators have criticised Andrew for what they describe as “silence” amid their probe into Epstein after he failed to respond to their request for an interview.
When asked about Andrew missing the deadline and whether the former princeshould help the case in any way he can, Sir Keir said on his way to the G20 summit in South Africa: “I don’t comment on this particular case.”
He added that “a general principle I’ve held for a very long time is that anybody who has got relevant information in relation to these kind of cases should give that evidence to those that need it”.
Andrew is not legally obliged to talk to Congress and has always vigorously denied any wrongdoing.
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Image: Sir Keir Starmer spoke to reporters on his way to the G20 in South Africa. Pic: Reuters
It comes as Marjorie Taylor Greene, a loyal supporter-turned-critic of US President Donald Trump, said on Friday she is resigning from Congress in January.
Ms Greene’s resignation followed a public falling-out with Mr Trump in recent months, as the congresswoman criticised him for his stance on files related to Epstein, as well as on foreign policy and healthcare.
Members of the House Oversight Committee had requested a “transcribed interview” with Andrew in connection with his “long-standing friendship” with Epstein, the paedophile financier who took his own life in a New York prison in 2019 while awaiting trial on sex trafficking and conspiracy charges.
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2:35
Releasing the Epstein files: How we got here
But after saying they had not heard back, Democrats Robert Garcia and Suhas Subramanyam accused Andrew of hiding.
Their statement read: “Andrew Mountbatten Windsor’s silence in the face of the Oversight Democrat’s demand for testimony speaks volumes.
“The documents we’ve reviewed, along with public records and Virginia Roberts Giuffre’s testimony, raise serious questions he must answer, yet he continues to hide.
“Our work will move forward with or without him, and we will hold anyone who was involved in these crimes accountable, no matter their wealth, status, or political party. We will get justice for the survivors.”
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13:31
The new Epstein files: The key takeaways
It follows Andrew being stripped of his prince and Duke of York titles earlier this month.
He had previously agreed to stop using his titles, but had expected to remain a prince and retain his dukedom, ahead of the publication of the memoirs of the late Ms Giuffre, who had accused him of sexually assaulting her when she was a teenager – an accusation he denies.