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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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Panthers’ Lundell, Luostarinen clear for Final G1

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Panthers' Lundell, Luostarinen clear for Final G1

Florida Panthers forwards Eetu Luostarinen and Anton Lundell will be ready for Game 1 of the Stanley Cup Final on Wednesday night in Edmonton, coach Paul Maurice said Saturday.

Both players were injured in Wednesday’s series-clinching Game 5 win against the Carolina Hurricanes.

Panthers forward A.J. Greer‘s status for the series opener against the Oilers remains uncertain. He missed Game 4 of the Eastern Conference finals and was on the ice for only 4:22 in Game 5 due to a lower-body injury.

All three players did not participate in Saturday’s practice, the first team skate since the defending champions booked their spot in the Final rematch.

“I think the only question mark is Greer,” Maurice said. “We will list him as day to day. The other guys are fine. They will be back on the ice tomorrow when we do a little bit of an optional.”

Luostarinen, 26, recorded 24 points (9 goals, 15 assists) in 80 games during the regular season and 13 points (4 goals, 9 assists) in 17 games this postseason.

Lundell, 23, tallied 45 points (17 goals, 28 assists) in 79 games in the regular season and 12 points (5 goals, 7 assists) in 17 playoff games.

Greer, 28, posted 17 points (6 goals, 11 assists) in 81 games in the regular season and three points (2 goals, 1 assist) in 12 playoff contests.

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Thousands attend race event honoring Gaudreaus

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Thousands attend race event honoring Gaudreaus

SEWELL, N.J. — A few days after brothers John and Matthew Gaudreau died when they were struck by a driver while riding bicycles on the eve of their sister Katie’s wedding, family friends were visiting parents Guy and Jane at their home during a rainstorm. Looking outside after the skies cleared, they saw a double rainbow that brought them some momentary peace.

Since then, Jane Gaudreau had not gotten any signs she attributed to her sons, so she sat in their room Friday and asked them for some divine intervention to clear out bad weather in time for an event to honor their legacies. After a brief scare of a tornado watch the night before, a rainbow appeared Saturday morning about an hour before the sun came out for the inaugural Gaudreau Family 5K Walk/Run and Family Day.

“I was so relieved,” Jane said. “I was like, ‘Well, there’s my sign.'”

Thousands attended the event at Washington Lake Park in southern New Jersey, a place John and Matthew went hundreds of times as kids and around the corner from Hollydell Ice Arena, where they started playing hockey. Roughly 1,100 people took part in a walk or run in person, along with more than 1,300 virtually in the U.S., Canada and around the world.

“I think it speaks to them as a family, how close they were and how everybody loved being around them,” said Ottawa Senators captain Brady Tkachuk, one of a handful of NHL players who were close to the Gaudreaus and made a point to be there. “You just see the support from this community and from other players as well that are here and traveled in. It just says a lot about Johnny, Matty, their legacy and this family as a whole, how much support they have because they’re such amazing people.”

Along with honoring the NHL star known as “Johnny Hockey” and his younger brother who family and friends called Matty, the goal of the event was to raise money for an accessible playground at Archbishop Damiano School where Jane and her daughter Kristen work. It was a cause John and Matthew had begun to champion in honor of their grandmother Marie, who spent 44 years at the school and died in 2023.

It became their mother’s project after their deaths.

“Jane works every day with children with disabilities, and she knew how important it was for the playground to be built,” said family friend Deb Vasutoro, who came up with the idea for a 5K. “The playground has been a project for, I think, four or five years, and there just never was enough funding. When the boys passed and Jane needed a purpose, she thought, ‘Let’s build the playground.’ It was the perfect marriage of doing something good to honor the boys and seeing children laugh and smile.”

The Rev. Allain Caparas from Gloucester Catholic High School, which the brothers attended and played hockey for while growing up in Carneys Point, said raising funds for the playground is an extension of the impact they had on the community.

“They’re continuing to make a difference in the lives of so many others,” Caparas said. “Johnny and Matthew lived their lives with purpose, and now we’re celebrating that.”

Social media filled with mentions from folks in Columbus and Calgary, the NHL cities in which John Gaudreau played, and as far away as Ireland and Sweden. Paul O’Connor, who has been tight with the Gaudreau family from son Dalton being childhood best friends with Matthew, couldn’t empty out his inbox because he kept getting notifications about signups and donations.

“It just keeps growing,” O’Connor said. “And people that couldn’t be here, they’re doing a virtual [5K]. If they can’t do either, they’re just throwing money at the cause.”

Tears welled up in the eyes of Guy and Jane as they talked about the event. His speech to the crowd was brief and poignant at the same time.

“I’d like to thank everybody for coming,” Guy said after running the 5K. “It really means a lot to Jane and the girls and the family. We miss the boys, and it really means a lot for us to have you here to honor my boys. Thank you.”

The sea of people first in the rain and then the sunshine included folks in gear from all across hockey. Tkachuk wore a “Johnny Hockey” hoodie with Gaudreau’s name and No. 13 on the back.

He handed sticks, collected from various vigils in late August and early September, to race winners along with fellow players Erik Gudbranson, Zach Aston-Reese, Tony DeAngelo and Buddy Robinson.

“Our family wouldn’t have missed this,” Gudbranson said after flying in Friday night following a trip to Walt Disney World. “Hockey’s a very tight community. It’s still a tragedy. We miss the boys.”

The aim is to hold the event annually moving forward, potentially in Calgary and Columbus.

“We thought this was such a good thing to honor the boys we want to keep it up,” Jane said. “I just think each year it’ll just get better and better.”

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Panthers-Oilers II: Key stats to know for the 2025 Stanley Cup Final

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Panthers-Oilers II: Key stats to know for the 2025 Stanley Cup Final

The 2025 Stanley Cup Final is set. For the second consecutive year, it’s the Florida Panthers vs. the Edmonton Oilers in the final round of the Stanley Cup playoffs.

Not all sequels are as good as the original. Will this one be Rocky II? Or will it be The Godfather III? More importantly, can the Oilers win this time — ending the drought for Canadian teams winning the Cup, a streak going back to 1993?

Here are the major details on the series, from the schedule and betting intel (courtesy of ESPN BET) to notes on each club and the matchup from ESPN Research.

Stanley Cup Final

Paths to the Final:

Oilers: Defeated Kings in six, Golden Knights in five, Stars in five
Panthers: Defeated Lightning in five, Maple Leafs in seven, Hurricanes in five

Schedule:

Game 1: Panthers at Oilers, June 4, 8 p.m. ET (TNT)
Game 2: Panthers at Oilers, June 6, 8 p.m. ET (TNT)
Game 3: Oilers at Panthers, June 9, 8 p.m. ET (TNT)
Game 4: Oilers at Panthers, June 12, 8 p.m. ET (TNT)
Game 5: Panthers at Oilers, June 14, 8 p.m. ET (TNT)
Game 6: Oilers at Panthers, June 17, 8 p.m. ET (TNT)
Game 7: Panthers at Oilers, June 20, 8 p.m. ET (TNT)


Betting intel

Cup winner:

Oilers: -115
Panthers: -105

Conn Smythe Trophy (playoff MVP)

Connor McDavid (EDM): -110
Sergei Bobrovsky (FLA): +250
Aleksander Barkov (FLA): +425
Leon Draisaitl (EDM): +800
Matthew Tkachuk (FLA): +2500
Sam Bennett (FLA): +3000


Matchup notes

This is the 12th Stanley Cup Final rematch in NHL history, the fifth in the expansion era (since 1967-68), and the first since 2008-09. The past two occurrences — Pittsburgh Penguins vs. Detroit Red Wings in 2008 and 2009, Edmonton Oilers vs. New York Islanders in 1983 and 1984 — included Sidney Crosby and Wayne Gretzky winning their first Cup. A good sign for Connor McDavid?

The Panthers did not touch the Prince of Wales Trophy as winners of the Eastern Conference last year, after they did so in both 1996 and 2023 when they won it on those occasions. Florida won the Cup in 2024 after not touching it, while it lost in the Cup Final the previous two times when the team touched it. The Oilers decided this year to touch the Clarence S. Campbell Bowl for winning the Western Conference. They did not touch the trophy last year, nor did they do so in 2006 — and yet they lost the Stanley Cup Final in seven games both times.

In last year’s Cup Final, the Panthers raced out to a 3-0 lead on an aggregate score of 11-4. The Oilers won the next three by a combined score of 18-5. Game 7 was the tightest game of the series by far, ending with a 2-1 win for the Panthers; the game-winning goal occurred at 15:11 of the second period, Sam Reinhart‘s 10th of the 2024 postseason.

The Panthers won both of their 2024-25 regular-season games against the Oilers (6-5 at Florida on Dec. 16 and 4-3 at Edmonton on Feb. 27).

This series will feature the top four picks from the 2014 NHL draft: Aaron Ekblad (No. 1 to FLA), Sam Reinhart (No. 2 to BUF), Leon Draisaitl (No. 3 to EDM) and Sam Bennett (No. 4 to CGY). It’s the second final in NHL history where each of top four picks from the same NHL draft (skaters and goaltenders) dress in at least one game for either team — joining the 2024 final, with the same players.

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Panthers advance to the Stanley Cup Final for the 3rd consecutive year

The Florida Panthers defeat the Carolina Hurricanes in five games to advance to their third consecutive Stanley Cup Final.


Team notes

Oilers

The Oilers will play in the Stanley Cup Final for the ninth time, which passes the Philadelphia Flyers (eight) for the most among non-Original-Six franchises, and ranks seventh overall.

Edmonton is the eighth team in the NHL’s expansion era (since 1967-68) to reach the Stanley Cup Final despite losing their first two games of their opening playoff series. Each of the other seven clubs to do so ended up winning the Stanley Cup: the 2018 Washington Capitals, 2014 Los Angeles Kings, 2011 Boston Bruins, 2006 Carolina Hurricanes, 2002 Detroit Red Wings, 1993 Montreal Canadiens and 1992 Penguins. The 2014 Kings are the only club in NHL history to start 0-3 and win the Cup.

Connor McDavid averages 1.73 points per game against the Panthers in his career, including playoffs. That’s the highest rate against Florida by any player in the franchise’s history (min. 20 GP). The players right behind McDavid: Joe Sakic (1.44 points per game), Peter Forsberg (1.43), Mario Lemieux (1.32).

After losing his first three starts this postseason, Stuart Skinner is 6-1 in his past seven starts, with a 1.41 goals-against average, .944 save percentage and three shutouts.

Ryan Nugent-Hopkins, the longest serving current Oilers player, can become the second player in NHL history to play his first 14-plus seasons with a franchise and then win his first Stanley Cup with them. He would join Steve Yzerman (1997 with Detroit, his 14th season)

Panthers

The Panthers are the ninth franchise in NHL history with three consecutive Stanley Cup Final appearances, and second in the past 40 years, joining the Lightning from 2020-22.

Florida can become the 10th franchise in NHL history to repeat as Stanley Cup champions and eighth during the expansion era.

The Panthers will enter Game 1 in Edmonton having won their past five road playoff games, outscoring opponents 27-7 over those five games while going 6-for-14 (42.9%) on the power play.

Over Florida’s past 10 games this postseason, Sergei Bobrovsky has a 1.57 goals-against average, .935 save percentage and two shutouts. He enters the 2025 Stanley Cup Final with 57 career playoff wins, second-most among active goalies behind only Andrei Vasilevskiy (67).

Carter Verhaeghe scored his third career series-clinching goal in the Eastern Conference finals, and now trails only Max Pacioretty and Artturi Lehkonen (both with four) for the most among all active players. Verhaeghe’s 12 career game-winning goals in the playoffs are twice as many as the next-closest player in Panthers history (Matthew Tkachuk, six).

Sam Bennett scored in Game 5 against Carolina and became the first player to reach the 10-goal mark in the 2025 Stanley Cup playoffs. He also became the second-fastest player in franchise history to hit the benchmark in a postseason, behind Dave Lowry (15 games played in 1996). Bennett’s 10 goals are tied for the third-most in a single postseason in Panthers history, behind Carter Verhaeghe (2024) and Matthew Tkachuk (2023) with 11 each.

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