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.
Contreras has informed Major League Baseball he will appeal the suspension, which means it will not take effect immediately. He was in the lineup for Tuesday night’s game against the Pirates.
Contreras threw a bat that mistakenly hit Cardinals hitting coach Brant Brown and tossed bubble gum on the field after he was ejected. Manager Oliver Marmol also was tossed during an animated argument with the umpires after a called third strike in the seventh inning.
Contreras said he didn’t understand why he was thrown out of the game. He said he argued balls and strikes with plate umpire Derek Thomas but didn’t address a specific pitch and didn’t say anything disrespectful.
“Apparently, he heard something [he thought] I said. I did not say that,” Contreras said.
Crew chief Jordan Baker told a pool reporter that Contreras and Marmol were ejected for “saying vulgar stuff” to Thomas. Baker also said Contreras made contact with the plate umpire.
After Monday’s win, Marmol agreed with his player.
“We’ll have to dive into it to make sure what Willson’s saying is what happened,” he said at the time. “But I believe him.”
ARLINGTON, Texas — Right-hander Nathan Eovaldi is likely done for the season because of a rotator cuff strain, another huge blow to the Texas Rangers and their hopes of making a late push for a playoff spot.
He said Tuesday that he had an MRI after shutting down a bullpen session between starts because of continued soreness. The 35-year-old pitcher said he was more sore than normal but was surprised by those results since he hasn’t had any shoulder issues in his 14 MLB seasons.
“It just felt like it was getting a little worse, so I shut it down and had the trainers look at it,” Eovaldi said. “Obviously, it’s just frustrating given how great the season’s been going. … I don’t want to rule out the rest of the season, but it’s not looking very great.”
Rangers president of baseball operations Chris Young said Eovaldi likely will be put on the 15-day injured list Wednesday. He was supposed to start against the Los Angeles Angels in another opportunity to become MLB’s qualified ERA leader.
After allowing one run in seven innings against the Cleveland Guardians in his last start Friday, Eovaldi was the official ERA leader for one night. That put him at 130 innings in 130 Rangers games, and ahead of All-Star starters Paul Skenes (2.07) and Tarik Skubal (2.28) until Texas played the following day — pitchers need to average one inning per team game to qualify.
“Obviously it’s a big blow. He’s been just a tremendous teammate and competitor for us all year long,” Young said. “Hate to see this happen to somebody who’s been so important to the organization. But it seems par for the course with how some of the season has gone. So hate it for Evo, hate it for the team.”
With 29 games remaining going into Tuesday night, the Rangers were 5½ games back of Seattle for the American League’s last wild-card spot. The Mariners and Kansas City both hold tiebreakers over Texas.
The Rangers lost center fielder Evan Carter because of a right wrist fracture when he was hit by a pitch in Kansas City on Thursday. In that same game, durable second baseman Marcus Semien fouled a pitch off the top of his left foot, sending him to the IL for only the second time in his 13 MLB seasons. First baseman Jake Burger (left wrist sprain) also went on the IL during that road trip.
Semien and Eovaldi could potentially return if the Rangers make the playoffs and go on a deep run since neither is expected to need surgery. Semien’s recovery timeline is four to six weeks, and Eovaldi said he would get another MRI in about four weeks. Just under five weeks remain until the regular-season finale Sept. 28 at Cleveland.
Eovaldi has been one of baseball’s best pitchers all season, and part of the Rangers’ MLB-leading 3.43 ERA as a staff. He was left off the American League All-Star team and hasn’t been among qualified leaders after missing most of June with elbow inflammation, but Texas still gave him a $100,000 All-Star bonus that is in his contract.
This is Eovaldi’s third consecutive season with at least 11 wins since joining his home state team, and last December he signed a new $75 million, three-year contract through 2027. The 35-year-old Eovaldi and Hall of Fame strikeout king Nolan Ryan are the only big league players from Alvin, Texas.
Eovaldi has a 102-84 career record and 3.84 ERA over 14 big league seasons with six teams and has won World Series championships with Boston in 2018 and Texas in 2023. He made his MLB debut with the Los Angeles Dodgers (2011-12) and later pitched for Miami (2012-14), the New York Yankees (2015-16), Tampa Bay (2018) and Boston (2018-22).
“I take a lot of pride in being able to go every five days,” Eovaldi said. “To have the outcome that we have now, it’s very tough for me. And you always feel like there’s some way to be able to prevent an injury from happening. And, unfortunately, I wasn’t able to do that.”
ESPN baseball reporter. Covered the Washington Wizards from 2014 to 2016 and the Washington Nationals from 2016 to 2018 for The Washington Post before covering the Los Angeles Dodgers and MLB for the Los Angeles Times from 2018 to 2024.
NEW YORK — The Mets are calling up top-tier pitching prospect Jonah Tong, manager Carlos Mendoza announced Tuesday, as the club continues to bolster its staff with young talent for the stretch run.
Mendoza said Tong will start against the Miami Marlins on Friday in his major league debut.
Tong pitched himself into the big league picture with arguably the best season for a pitcher in the minor leagues, going 10-5 with a 1.43 ERA in 113 ⅔ innings across 22 starts between Double-A and Triple-A this season. The 22-year-old right-hander was recently promoted to Triple-A Syracuse, where he tossed 11 ⅔ scoreless innings over two outings.
“I think it’s all about dominating the minors,” Mendoza said. “It’s hard to keep him there.”
The consistent dominance, in combination with debilitating underperformance from veterans in the Mets’ starting rotation, prompted president of baseball operations David Stearns, who preaches patience in player development, to make the call.
Tong was the No. 21 prospect in baseball in the latest rankings by ESPN’s Kiley McDaniel. The Canadian will join Nolan McLean, the team’s No. 2 prospect who soared through the upper minors and was called up to boost the Mets’ struggling rotation earlier this month.
“This is fast,” Stearns said. “There’s no question this is fast. He’s pushed us on this because of his performance. We think he’s ready for this. We also acknowledge that this has gone faster than any of us would have anticipated at the start of this year.”
The decision to summon Tong came one day after veteran right-hander Kodai Senga continued his recent struggles, logging just four innings against the Philadelphia Phillies on four days’ rest.
Senga has a 5.40 ERA and has not completed six innings in eight starts since coming off the injured list last month. Mendoza indicated the team prefers to give Senga an extra day of rest moving forward.
“I’m going to be honest: Performance matters,” Mendoza said about Senga. “We’re to a point now where we got to see performance. And that was a conversation with him. We need him because he’s an ace. We’ve seen it in the past, but we haven’t been able to get that consistency. So, yeah, maybe it’s the regular rest, the extra day, whatever that is. We’re getting to a point where like every game, we got to put our best guys out there.”
Entering Tuesday, the Mets are 2 ½ games ahead of the Cincinnati Reds for the final National League wild card spot.
The baby-faced Tong, a seventh-round pick out of high school in 2022, made a significant leap forward in his development in 2024, but he reported to spring training this year seemingly on a path for a 2026 major league debut — as evidenced by the Mets’ decision not to invite him to big league camp.
Mendoza said he met Tong while watching a minor league game on a back field in which Tong was the ball boy.
“When you’re in the minor leagues, you got to go through those duties,” Mendoza said. “And that day, he happened to be on the Triple-A bench, and he was the ball boy and I sat right next to him, and I had a brief conversation. Kind of introduced myself [to] kind of get to know him.
“Genuine, humble and you could just see the youth on his face. It was, I don’t know, 10 minutes that we sat there and watched the game while I was trying to get to know him a little bit.”
Tong, who represented the Mets at the Futures Game last month, leads all 196 qualified minor league pitchers in ERA, FIP (1.66), batting average against (.148) and strikeout rate (40.5%) this season. His 0.92 WHIP ranks second. He has compiled 179 strikeouts and allowed just two home runs.
He boasts a fastball in the mid-90s that touches 97 mph and has produced a whiff rate of 36.5% this season. This year, he added a changeup in the mid-80s that has emerged as his second-most used offering and improved his effectiveness against left-handed hitters. A curveball and slider complete his repertoire.
Slight for a pitcher — he’s listed at 6-foot-1, 180 pounds — with a smooth and deceptive over-the-top delivery, Tong has drawn comparisons to former Cy Young Award winner Tim Lincecum.
“What’s impressed us the most is the speed with which he’s expanded his arsenal in really effective ways,” Stearns said. “So, he’s added a changeup this year that’s been really good. And we’ve seen outings that have shown, I think, tremendous maturity on the mound — where something’s not working, he’s then able to switch an approach and go to the slider more, throw a few more curveballs, and allow himself to get through outings really successfully, even if he’s not following the exact plan that he thought he was going to follow when he went into the game.”
The Mets chose promoting Tong over Brandon Sproat, another highly regarded pitching prospect in Triple-A. Stearns explained the organization’s decision as a product of Tong’s excellence and the timing of the start, which will keep Tong, who last pitched on Saturday, on turn.
Sproat, 24, gave up seven runs across 3 ⅔ innings out of the bullpen for Syracuse on Saturday after recording a 2.05 ERA over his previous nine outings, all starts.
“Brandon’s done a tremendous job, and he’s probably had as good a second half of season as any pitcher in minor league baseball,” Stearns said. “He’s made some real adjustments. He’s pitched great.”
The Mets’ plan for Tong after Friday is unclear. While McLean has cemented himself in the club’s starting rotation after allowing just two runs over 12 ⅓ innings in his first two starts, Tong will join the Mets as their sixth starter.
Mendoza said he didn’t know if Tong would move to the bullpen following Friday’s start.
“We’re going turn by turn at this point,” Stearns said. “And it’s going to be a combination of what the matchups are, who we think match up well, how our guys are throwing, who needs rest, who doesn’t need rest. I think in September, we try not to plan too far ahead and we’re going to go turn by turn.”