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.
BOSTON — The 4 Nations Face-Off has emerged as a transformative moment for the NHL.
“Nothing’s done more for hockey in a decade than what this tournament’s done,” Team Canada coach Jon Cooper said.
What was supposed to be a midseason appetizer for the 2026 Winter Olympics has evolved into a transcendent event for hockey, which has lacked a best-on-best event since the 2016 World Cup of Hockey. That was never more apparent than the first U.S. vs Canada showdown in Montreal, which produced three fights in the first nine seconds of the game followed by an elite representation of the sport as played by two bitter rivals.
The audience was massive — with 9.3 million viewers, it was the most-watched non-Olympic hockey game ever in the United States. The hype was something the NHL hadn’t seen in recent memory. People who don’t usually talk about hockey were suddenly talking about hockey.
It’s just incredible how much of a home run 4 Nations has been for the NHL and hockey in general.
Friends who never watched a hockey game in their lives reaching out asking what the plan is for tonight’s game, what food we’re ordering, etc.
“The game is in a better place because that game existed,” Cooper said.
Now that the 4 Nations Face-Off was a game-changer, how will the NHL capitalize on it — and what comes next for its midseason events?
THE NHL HAS ANNOUNCED what is on the way in 2026. The All-Star Weekend, which took a hiatus in favor of 4 Nations this year, will return at the New York Islanders‘ UBS Arena next February. That will serve as a bon voyage event ahead of the 2026 Winter Olympics in Italy, which mark the return of NHL players for the first time since 2014.
The 2026 Olympics begin what the NHL and the NHL Players’ Association hope will be a regular cadence of international best-on-best events. NHL commissioner Gary Bettman and NHLPA executive director Marty Walsh announced last week the next World Cup of Hockey is scheduled for 2028. Then come the 2030 Winter Olympics, and then potentially another World Cup and so on.
“We couldn’t be more excited about making a reality: Olympics, World Cups, Olympics, World Cups on a regular schedule of the best hockey players in the world representing their countries,” Bettman said. “We know the full-blown World Cup is going to be sensational.”
Sources told ESPN that the future of the NHL All-Star Game beyond next season has yet to be determined.
The NHL All-Star Game isn’t going anywhere — sources said its status as a tentpole event and its history within the league make it an important part of the league’s slate of events. But All-Star Weekend’s cadence and format beyond next season hasn’t been determined. Logically, it could be held in years when there isn’t a best-on-best event. Perhaps the league continues to double up with the All-Star Game and the Olympics, like it is doing in 2026.
ALL-STAR GAMES are in a transient place in the sports world right now — that’s not just a function of the success of the 4 Nations Face-Off.
While the NHL’s midseason tournament was being widely praised, the NBA All-Star Weekend received criticism from fans and players. Draymond Green called the game’s format “absurd” and said it existed “because ratings are down and the game is bad.”
The effort of the NHL’s players in its best-on-best tournament was in stark contrast with basketball’s midseason classic.
“You can go on an NBA court and go through the motions. You can’t do that in hockey,” P.K. Subban said on “Get Up.” “The culture of our sport, you have to play it with passion. That’s what fans are investing in.”
While that’s true, the NHL All-Star Game isn’t exactly USA vs. Canada for the 4 Nations title, either.
“Different event, obviously. I don’t remember any fights in the All-Star Games,” Winnipeg Jets defenseman Josh Morrissey said. “There’s definitely a place to have both. From what I’ve heard, that’s the plan in the future. And I think both can be exciting.”
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USA, Canada fight 3 times in the first 9 seconds of game
Three players each from USA and Canada are penalized for three fights in the first nine seconds of the game.
THE ALL-STAR GAME brings some virtues that these international tournaments do not. The World Cup of Hockey will be awarded through a host city bidding process. The All-Star Game brings the world’s best players to markets that may never host a World Cup game. It doesn’t just spread the wealth among NHL cities — it does the same among players.
“The one thing about this tournament is ‘Where’s Leon Draisaitl?’ Or Nikita Kucherov?’ Go down the list of guys that aren’t here that you do get to see in an All-Star Game because those guys are special talents,” Cooper said. “Maybe there’s something down the road where everybody gets to play, and that would be super cool.”
The players at the 4 Nations Face-Off uniformly agreed that there’s room for both best-on-best battles and All-Star games in the NHL.
“Obviously this brings out real emotions when you get to play these meaningful games,” Sweden’s Jesper Bratt said. “The All-Star Game has its cool things to it, too, and I think fans appreciate that part of it: to see the best individual players from each division and each team to participate in a skill competition.”
Team USA’s Jack Hughes, Bratt’s teammate on the New Jersey Devils, said he’s made some great memories at the All-Star Game.
“That’s always fun for me personally, just because it’s not as extreme as this. Obviously, you get to spend more time with your family and your friends and get to enjoy that with them. I think that’s a great event,” he said. “But as a hockey player for sure, [4 Nations] is the elite of the elite. Getting to play against the best players and represent your country. It means something to everyone on the ice.”
Vincent Trocheck said the experience is different for every player at the All-Star Game.
“I’ve only played in two, and they’ve been extremely special to me. Every time I’ve been able to go, sharing that with my family is really cool. So those are … awesome weekends, but something like this is just different,” said the New York Rangers center, who played for Team USA. “It’s more meaningful. It’s more emotional. Stuff like this is what you dream of as a kid. So coming to a tournament like this is something that you’ll never forget. You can’t match it.”
THE NHL PLAYERS deserve credit, having pushed for more best-on-best opportunities since the 2016 World Cup of Hockey.
“Whether it’s Team Canada, the U.S., Sweden, Finland, the other nations in the future, if there’s more playing in these events when you put on your country’s uniform, it just means something special,” Morrissey said. “It’s a different feeling, and you can’t replicate that in any other way.”
After the success of 4 Nations, everything is on the table. Could the All-Star Game become something that hues a little closer to nation vs. nation? Could those years between the Olympics and World Cup produce more international events, be it a 4 Nations Face-Off or a “summit series” between the U.S. and Canada?
The 4 Nations Face-Off has broadened the possibilities.
“Look to soccer. They have so much international play that gets so much attention. We’re not soccer, as far as a global game, but we’re not that far behind,” Ron Hainsey of the NHLPA said. “That’s the long-term goal here … where fans look forward to these players representing their countries on a regular basis.”
Shutting down the regular season for international events isn’t without its risks or its critics. The 4 Nations Face-Off saw a handful of injuries, most notably to Boston Bruins defenseman Charlie McAvoy, who was hospitalized Monday with an infection in his right shoulder and a significant injury to his AC joint.
“I don’t know how the NHL teams feel about it, because guys are going so hard out there and we still have a quarter of the season left,” New Jersey Devils center Jack Hughes said. “But I think the guys inside the locker room have extreme care for this and are really, really enjoying this.”
Canada star Connor McDavid agreed less is more for international tournaments.
“I’m not sure you could do this every single year. It’s been pretty taxing. Obviously, we see guys going down and getting hurt.” McDavid said. “But it goes to show how much guys care about playing for the country, how much pride they play with while they’re wearing the jersey.
“I think with the Olympics and the World Cup, I think we’ll get enough.”
The World Cup of Hockey returns in 2028, although its final form has yet to be determined. There will be eight teams representing eight nations, without the “melded” teams from 2016 like Team North America and Team Europe. The NHL will not partner with the International Ice Hockey Federation for the World Cup, instead negotiating with other professional leagues themselves in order to populate teams like Germany and Switzerland with players.
There will be a bidding process for host cities, and that process will be open to European locations.
“The Olympics provides a good model for us in terms of how long the break will be for games in Europe,” NHL deputy commissioner Bill Daly said.
Of course, the biggest issue around the 2026 Olympics and 2028 World Cup is whether Russia will be included, as it remains banned from international play through 2026 by the IIHF because of its invasion of Ukraine.
“I’d love to see our Russian players playing in these tournaments. Again, they’re incredible hockey players,” Walsh said. “The issues are political and it is not political as far as the NHLPA, it’s the world politics that we have to get through and I’m hoping that as we get closer to the Olympics, as we get closer to the World Cup, we will start seeing the Russian athletes back in the competition.”
THE 4 NATIONS FACE-OFF showed best-on-best hockey can cross over to the mainstream. But the conditions might not be there to capture lightning in a bottle a second time.
The geopolitical undercurrents to the USA vs. Canada rivalry heightened its passions. The tournament featured the first opportunity for a generation of stars — McDavid, Nathan MacKinnon, the Tkachuk brothers and Auston Matthews, among others — to represent their countries in a best-on-best event.
And what, exactly, do they do for an encore? Four fights in eight seconds next time?
“The expectations were high. I think the tournament’s done a good job of setting that bar and going beyond it,” Team USA’s Brock Nelson said.
The 4 Nations Face-Off was meant to be the appetizer for the Olympics. Based on its success, the NHL needs to capitalize on the moment.
A three-year-old girl has died after a collision between a tram and a van in Manchester city centre.
The girl was taken to hospital but died from her injuries, Greater Manchester Police (GMP) said.
“No arrests have been made and inquiries are ongoing,” the force said.
The child was a pedestrian and was not travelling in either the tram or van, GMP said.
The fatal collision happened on Mosley Street shortly before 10am, a Transport for Greater Manchester (TfGM) spokesperson said.
“All of our thoughts are with her family and loved ones at this incredibly difficult time. We are supporting police with their investigation,” a statement said.
A North West Ambulance Service spokesperson said two ambulances, a rapid response vehicle and two air ambulance crews attended the scene.
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TfGM said there was continued disruption across the Metrolink after the incident and advised people to check the Bee Network website and app for the latest travel information.
Manchester‘s Bee Network said: “Due to a road traffic collision on Mosley Street in the city centre, no tram services are operating between St Peter’s Square and Piccadilly Gardens.”
An X post from GMP’s traffic officers said: “Our officers are currently in attendance at a collision, involving a tram and another vehicle in Manchester city centre.
“We are presently trying to establish the circumstances however we envisage there will be a lengthy closure of surrounding streets near to St Peters Square.”