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.
Tom Hollander says he’s not worried about AI actors replacing real ones and thinks the creation of synthetic performers will only boost the value of authentic, live performance.
The 58-year-old plays entrepreneur Cameron Beck in The Iris Affair, a drama about the world’s most powerful quantum computer.
Dubbed “Charlie Big Potatoes” – it could eat ChatGPT for breakfast.
It’s a timely theme in a world where Artificial Intelligence is advancing at pace, and just last week, the world’s first AI starlet – Tilly Norwood – made her Hollywood debut.
Hollander is not impressed. He suggests rumours that Norwood is in talks with talent agencies are “a lot of old nonsense”, and questions the logistics of working with an AI actor, asking “Would it be, like a blue screen?”
Norwood – a pretty, 20-something brunette – is the creation of Dutch actor and comedian Eline Van der Velden and her AI production studio Particle6. It’s planning to launch its own AI talent studio, Xicoia, soon.
Hollander tells Sky News: “I’m perhaps not scared enough about it. I think the reaction against it is quite strong. And I think there’ll be some legal stuff. Also, it needs to be proven to be good. I mean, the little film that they did around her, I didn’t think was terribly interesting.”
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The sketch – shared on social media and titled AI Commissioner – poked fun at the future of TV development in a post-AI world.
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Stars including Emily Blunt, Natasha Lyonne and Whoopi Goldberg have objected to Norwood’s creation too, as has US actors’ union SAG-AFTRA.
Hollander compares watching an AI performer to watching a magic trick: “You know with your brain that you’re watching something that’s bullshit… If they don’t have to tell you, that would be difficult. But if they’ve told you it’s AI, then you’ll watch it with a different part of your brain.”
Image: Pic: Sky Atlantic
Always screen-ready, with no ego and low salary requirements, Norwood is being billed as a studio’s dream hire. In line with Hollywood’s exacting standards for female beauty, she’ll also never age.
Hollander’s Iris Affair co-star Niamh Algar, who plays genius codebreaker Iris Nixon in the show, doesn’t feel threatened by this new kid on the block, poking fun at Norwood’s girl-next-door persona: “She’s a nightmare to work with. She’s always late. Takes ages in her trailer.”
But Algar adds: “I don’t want to work with an AI. No.”
She goes on, “I don’t think you can replicate. She’s a character, she’s not an actor.”
Image: Pic: Sky Atlantic
Algar says the flaw in AI’s performance – scraped from the plethora of real performances that have come before it – is that we, as humans, are “excited by unpredictability”.
She says AI is “too perfect, we like flaws”.
Hollander agrees: “There’ll be a fight for authenticity. People will be going, ‘I refuse makeup. Give me less makeup, I want less makeup because AI can’t possibly mimic the blemishes on my face'”.
He even manages to pull a positive from the AI revolution: “It means that live performance will be more exciting than ever before…
“I think live performance is one antidote, and it’s certainly true in music, isn’t it? I mean, partly because they have to go on tour [to make money], but also because there’s just nothing like it and you can’t replace it.”
Algar enthusiastically adds: “Theatre’s going to kick off. It’s going to be so hot.”
Image: Pic: Sky Atlantic
As for using AI themselves, while Hollander admits he’s used it recently for “a bit of problem solving”, Algar says she tries to avoid it, worrying “part of my brain is going to go dormant”.
Indeed, the impact of technology on our brains is a source of constant inspiration – and torture – for The Iris Affair screenwriter Neil Cross.
Cross, who also created psychological crime thriller Luther, tells Sky News: “We are at a hinge point in history.”
He says: “I’m interested in what technological revolution does to people. I have 3am thoughts about the poor man who invented the like button.
“He came up with a simple invention whose only intention was to increase levels of human happiness. How could something as simple as a like button go wrong? And it went so disastrously wrong.
“It’s caused so much misery and anxiety and unhappiness in the human race entire. If something as simple as a small like button can have such dire, cascading, unexpected consequences, what is this moment of revolution going to lead to?”
Indeed, Cross says he lives in “a perpetual state of terror”.
Image: Supercomputer ‘Charlie Big Potatoes’. Pic: Sky Atlantic
He goes on: “I’m always going to be terrified of something. The world’s going to look very different. I think in 50 or 60 years’ time.
He takes a brief pause, then self-edits: “Probably 15 years’ time”.
With The Iris Affair’s central themes accelerating out of science fiction, and into reality, Cross’s examination of our instinctual fear of the unknown, coupled with our desire for knowledge that might destroy us is a powerful mix.
Cross concludes: “We’re in danger of creating God. And I think that’s the ultimate danger of AI. God doesn’t exist – yet.”
The Iris Affair is available from Thursday 16 October on Sky Atlantic and streaming service NOW
ESPN baseball reporter. Covered the L.A. Rams for ESPN from 2016 to 2018 and the L.A. Angels for MLB.com from 2012 to 2016.
Future Hall of Fame first baseman Albert Pujols met with Los Angeles Angels general manager Perry Minasian in St. Louis about the team’s managerial vacancy Thursday night, a source familiar with the process told ESPN on Friday, confirming an initial report by The Athletic.
A formal offer has not been made, sources cautioned, though Pujols has been considered a top candidate since the Angels declined the 2026 option on manager Ron Washington’s contract last week.
Pujols, 45, has expressed strong interest in managing at the big league level for years and led a Dominican winter ball team, the Leones del Escogido, to a championship in January. Pujols was previously named manager for his native Dominican Republic in next year’s World Baseball Classic, though he would likely rescind that role if he lands a big league job this offseason.
The Angels are one of six teams looking for new managers. Other clubs have inquired about Pujols, though the Angels are the only team he has formally met about managing thus far, according to a source.
Pujols signed a 10-year, $240 million contract with the Angels in December 2011 that included a 10-year, $10 million personal-services contract that kicked in after he retired. What becomes of that deal would likely be part of any financial negotiations that would inevitably take place with the Angels.
Pujols has been a special guest instructor at Angels spring training each of the past three years and is considered a prime candidate by both Minasian, who held him in high regard even after releasing him in May 2021, and Angels owner Arte Moreno.
One of the greatest players of the 2000s, Pujols won three MVPs and two World Series championships in a 22-year career that included 703 home runs, 2,218 RBIs and 3,384 hits. His best years came in St. Louis, but the Angels could give him his first shot to manage.