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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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MLB: Iassogna crew chief, plate umpire for ASG

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MLB: Iassogna crew chief, plate umpire for ASG

NEW YORK — Dan Iassogna will be the umpire crew chief and work the plate during Tuesday night’s All-Star Game at Atlanta’s Truist Park.

His crew will include Marvin Hudson at first, Chris Segal at second, Jansen Visconti at third, Jeremie Rehak in left and Erich Bacchus in right, Major League Baseball said Thursday.

Iassogna, 56, will work his second All-Star Game. He was at third base for the 2011 game at Arizona.

He worked his first big league game in 1999, was hired to the major league staff in 2004 and appointed a crew chief ahead of the 2020 season. Iassogna umpired the World Series in 2012, ’17 and ’22 along with eight League Championship Series and seven Division Series.

Segal, Visconti, Rehak and Bacchus will work their first All-Star Games and Hudson his second after being in left field in 2004 at Houston.

Tony Randazzo will be the replay umpire in New York.

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A’s Rooker joins list of HR Derby participants

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A's Rooker joins list of HR Derby participants

WEST SACRAMENTO, Calif. — Athletics slugger Brent Rooker is adding his name to the list of Home Run Derby participants.

Rooker announced Thursday that he’s participating in the event, which takes place Monday in Atlanta. He will become the first Athletics player in the Home Run Derby since Matt Olson in 2021.

“Competing in the Home Run Derby has always been a dream of mine,” Rooker said in an Instagram post. “Can’t wait to make it happen next week in Atlanta! See ya there!”

Rooker, 30, entered Thursday with a .270 batting average, 19 homers and 50 RBIs, putting him on pace for a third straight season of at least 30 homers. He went deep 30 times in 2023 and had 39 homers in 2024.

His 58 homers since the start of the 2024 season rank him third among all American League players.

The only A’s to win the Derby were Mark McGwire in 1992 and Yoenis Céspedes in 2013 and 2014.

Other announced participants include Atlanta’s Ronald Acuña Jr., Minnesota’s Byron Buxton, Tampa Bay’s Junior Caminero, Pittsburgh’s Oneil Cruz, Seattle’s Cal Raleigh and Washington’s James Wood.

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O’s trade reliever Baker to Rays for draft pick

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O's trade reliever Baker to Rays for draft pick

BALTIMORE — The Orioles traded right-handed reliever Bryan Baker to AL East rival Tampa Bay on Thursday in exchange for the 37th overall pick in the 2025 MLB amateur draft, a sign that one of baseball’s most disappointing clubs could be sellers at the upcoming trade deadline.

Orioles general manager Mike Elias wouldn’t completely commit to that idea. Speaking to reporters before Thursday’s split doubleheader against the New York Mets, he cited the 2024 Detroit Tigers, who traded players off their major league roster but held on to ace Tarik Skubal and then surged into a playoff spot.

Elias did, however, acknowledge the possibility of selling on a day that began with last-place Baltimore (40-50) sitting 12½ games behind the division-leading Toronto Blue Jays and seven out of the final AL wild-card spot.

“I think it’s a step in that direction,” said Elias three weeks before the July 31 deadline. “There’s no way around that. The timing of the draft, and when you have draft picks involved in the trades, kind of front-loads these decisions, and it’s earlier than my comfort level. But we thought it was a really good return and a good trade for everyone. So, we did it.”

The draft begins Sunday. In a corresponding move, the Orioles selected the contract of catcher David Bañuelos from Triple-A Norfolk.

After a dreadful start that brought the May dismissal of manager Brandon Hyde, the Orioles have steadied under interim skipper Tony Mansolino, playing to a 21-14 record since a loss to St. Louis on May 28.

Baker was a solid part of that, posting a 3.52 ERA, striking out 49 batters and posting a 1.096 WHIP in 38⅓ innings as the setup man for closer Felix Bautista.

“This is a team that is moving in the right direction, and we still have a lot of time left before the deadline, but this was a trade with the draft coming up in a couple days that we had to make a decision on,” Elias said. “We didn’t want to pass up on the opportunity. Hopefully, we can use the pick wisely, bring a lot of value back, and Bryan’s going to a good place.”

Mansolino is also hoping his team will get replenishments in the form of players eventually returning from the injured list. That sizable group includes several possible starting pitchers: Grayson Rodriguez (shoulder), Albert Suarez (shoulder), Tyler Wells (elbow) and Kyle Bradish (Tommy John surgery).

Meanwhile, Baltimore will now have four of the first 37 and seven of the first 93 draft picks.

“All the drafts are important, but when you have this amount of picks, it becomes more important, there’s no question about it,” Elias said. “There’s just a much bigger opportunity ahead of us, and the draft is a lifeblood for our franchise.”

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