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.
An audacious Ukrainian drone attack against multiple airbases across Russia is a humiliating security breach for Vladimir Putin that will doubtless trigger a furious response.
Pro-Kremlin bloggers have described the drone assault – which Ukrainian security sources said hit more than 40 Russian warplanes – as “Russia’s Pearl Harbor” in reference to the Japanese attack against the US in 1941 that prompted Washington to enter the Second World War.
The Ukrainian operation – which used small drones smuggled into Russia, hidden in mobile sheds and launched off the back of trucks – also demonstrated how technology and imagination have transformed the battlefield, enabling Ukraine to seriously hurt its far more powerful opponent.
Moscow will have to retaliate, with speculation already appearing online about whether President Putin will again threaten the use of nuclear weapons.
“We hope that the response will be the same as the US response to the attack on their Pearl Harbor or even harsher,” military blogger Roman Alekhin wrote on his Telegram channel.
Codenamed ‘Spider’s Web’, the mission on Sunday was the culmination of one and a half years of planning, according to a security source.
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In that time, Ukraine’s secret service smuggled first-person view (FPV) drones into Russia, sources with knowledge of the operation said.
Flat-pack, garden-office style sheds were also secretly transported into the country.
Image: The drones were hidden in truck containers. Pic: SBU Security Service
The oblong sheds were then built and drones were hidden inside, before the containers were put on the back of trucks and driven to within range of their respective targets.
At a chosen time, doors on the roofs of the huts were opened remotely and the drones were flown out. Each was armed with a bomb that was flown into the airfields, with videos released by the security service that purportedly showed them blasting into Russian aircraft.
Image: These drones were used to destroy Russian bomber aircraft. Pic: SBU Security Service
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Among the targets were Tu-95 and Tu-22 bomber aircraft that can launch cruise missiles, according to the Ukrainian side. An A-50 airborne early warning aircraft was also allegedly hit. This is a valuable platform that is used to command and control operations.
The use of such simple technology to destroy multi-million-pound aircraft will be watched with concern by governments around the world.
Suddenly, every single military base, airfield and warship will appear that little bit more vulnerable if any truck nearby could be loaded with killer drones.
The most immediate focus, though, will be on how Mr Putin responds.
Previous attacks by Ukraine inside Russia have triggered retaliatory strikes and increasingly threatening rhetoric from the Kremlin.
But this latest operation is one of the biggest and most significant, and comes on the eve of a new round of peace talks between Moscow and Kyiv that are meant to take place in Turkey. It is not clear if that will still happen.
US President Donald Trump has been pushing for the two sides to make peace but Russia has only escalated its war.
Ukraine clearly felt it had nothing to lose but to also go on the attack.
Eight people have been injured at a US rally for Israeli hostages after they were attacked by a man with a makeshift flamethrower and petrol bombs.
A group of people in Boulder, Colorado, were holding a regular demonstration to raise awareness of Hamas-held hostages in Gazawhen they were allegedly targeted by a man who shouted “Free Palestine” on Sunday. The suspect was arrested at the scene.
Four women and four men aged between 52 and 88 were injured and transported to hospitals, Boulder police said.
The force said the injuries ranged from “very serious” to “more minor”.
Some of the victims were airlifted to hospital.
Authorities had earlier put the count of the injured at six and said at least one of them was in a critical condition.
Image: Mohamed Soliman, 45, was holding several bottles
The FBI says the attack was a targeted “act of terrorism” and named the suspect as 45-year-old Mohamed Soliman from El Paso County, Colorado.
He was also taken to hospital after the alleged attack.
Eyewitnesses said the suspect threw Molotov cocktails, an improvised bomb made from a bottle filled with petrol and stuffed with a piece of cloth to use as a fuse, into people attending the demonstration.
He also used a “makeshift flamethrower” during the attack, according to Mark Michalek, special agent in charge of the FBI’s Denver field office.
Two senior law enforcement officials told Sky News’ US partner network that Soliman is an Egyptian national who seemingly acted alone. They said he has no previous significant contact with law enforcement.
Image: The ground appeared burned as the man was detained
Image: People doused one of the victims with water as police arrested the suspect
The White House described the suspect as an “illegal alien” who had received a work permit under the Biden administration despite overstaying a tourist visa.
A large part of downtown Boulder was cordoned off as sniffer dogs and the bomb squad searched for potential devices.
Police chief Steve Redfearn said the attack happened around 1.26pm on Sunday and that initial reports were that “people were being set on fire”.
Image: Phone footage showed smoke rising from a distance
“When we arrived we encountered multiple victims that were injured, with injuries consistent with burns,” Mr Redfearn told the media.
The police chief also said he did not believe anyone else was involved.
“We’re fairly confident we have the lone suspect in custody,” he said.
Image: The suspect is detained in Colorado. Pic: Reuters
Boulder’s police chief said the attack happened as a “group of pro-Israel people” were peacefully demonstrating.
The walk is held regularly by a volunteer group called Run For Their Lives, which aims to raise awareness of the hostages who remain in Gaza.
Video from the scene showed a bare-chested man shouting and clutching two bottles after the attack.
Other footage showed him being held down and arrested by police as people doused one of the victims with water.
Nearby there appears to be a large black burn mark on the ground.
Image: Law enforcement used armoured suits as they searched for bombs. Pic: AP
Brooke Coffman, a 19-year-old student, described seeing four women on the ground with burns on their legs. She said one appeared badly burned on most of her body and had been wrapped in a flag.
She described seeing a man whom she presumed to be the attacker standing in the courtyard shirtless, holding a glass bottle of clear liquid and shouting.
“Everybody is yelling, ‘get water, get water,'” Ms Coffman said.
Lady on fire ‘from head to toe’
Another eyewitness, who did not give his name, said: “It was very strange to just hear a crash on the ground of a bottle breaking and then it sounded like a boom and then people started yelling and screaming.
“But I saw fire, I saw people screaming and crying and tripping and I saw the attacker – he had three Molotov cocktails.
“One of them he threw inside a group and one lady lit on fire from head to toe and then the other four people were also injured in the fire, but not as bad as the first one.”
Image: A bomb disposal robot and sniffer dogs were also at the scene. Pic: AP
The eyewitness continued: “The attacker came out from the bushes and the trees… he threw another cocktail, and on the second one he lit himself on fire – I imagine accidentally.
“He seemed to have a bullet proof vest on, or some kind of vest, and then a shirt underneath it.
“And after he lit himself on fire he took off the vest and the shirt and he was shirtless.
“But he still had his Molotov cocktails in his hands ready to use them… ready to throw them and explode them on people.”
Lynn Segal, another eyewitness, said: “These shoots of fire, linear, about 20 feet long, spears of fire, two of them at least, came across right into the group, about 15 feet from me.”
The 72-year-old said two neighbours of hers, a husband and wife in their 80s, were at the demonstration. She added that the wife was one of the victims and appeared to be the most seriously injured.
“They’re both elders in their 80s, and you can’t take something like this assault to your body as easily as someone younger.”
Image: Pic: AP
Ms Segal, who was wearing a “Free Palestine” T-shirt, said she watches the demonstrations to “try and listen” to what the volunteers are “talking about” because she is concerned about the hostages.
She added that she is concerned the attack will “divide this community”.
Another eyewitness told MSNBC that he saw the suspect “lighting people on fire while spraying gasoline on them”.
Brian, who is himself Jewish and asked that his last name not be made public, added that he saw victims “having their skin melt off their bodies”.
A statement from Boulder’s Jewish community said “an incendiary device was thrown at walkers at the Run for Their Lives walk on Pearl Street as they were raising awareness for the hostages still held in Gaza”.
Israeli Prime Minister Benjamin Netanyahu said in a statement this morning: “This attack was aimed against peaceful people who wished to express their solidarity with the hostages held by Hamas, simply because they were Jews.
“I trust the United States authorities to prosecute the cold blood perpetrator to the fullest extent of the law and do everything possible to prevent future attacks against innocent civilians.
“The antisemitic attacks around the world are a direct result of blood libels against the Jewish state and people, and this must be stopped.”
US Senate Minority Leader Chuck Schumer, a prominent Jewish Democrat , said it was an antisemitic attack.
“This is horrifying, and this cannot continue. We must stand up to antisemitism,” he said on X.
Image: A man pinned a sticker of the Israeli flag to a post near the scene. Pic: Reuters
Boulder is a university city of about 105,000 people on the northwest edge of Denver, in the foothills of the Rocky Mountains.
Tensions are simmering in the US over Israel’s war in Gaza.
There has been an increase in antisemitic hate crime, as well as moves by some supporters of Israel to brand pro-Palestinian protests as antisemitic.
President Trump’s administration has detained protesters without charge and pulled funding from elite universities that have permitted such demonstrations.
Conservative historian Karol Nawrocki, who draws inspiration from Donald Trump, has won Poland’s presidential election.
Mr Nawrocki secured 50.89% of votes while his opponent, Liberal pro-EU candidate Rafal Trzaskowski, took 49.11%.
Earlier, an exit poll called the result the other way around – with both men declaring victory.
Mr Nawrocki had positioned himself as a defender of traditional Polish values, aligning himself with US conservatives, including Mr Trump, and showing scepticism towards the EU.
Image: Rafal Trzaskowski in Warsaw after the exit poll announcement. Pic: Reuters
Meanwhile, Mr Trzaskowski, 53, had promised to ease abortion restrictions, introduce civil partnerships for LGBT couples and promote constructive ties with European partners.
The vote has been closely watched in neighbouring Ukraine as well as in Russia, the European Union and the United States – with the election being framed as Poland choosing between more liberal norms or a more nationalist path.
Image: Karol Nawrocki addresses his supporters. Pic: AP
This runoff follows a tightly-contested first round of voting in May, which saw Mr Trzaskowski win just over 31% and Mr Nawrocki nearly 30%, eliminating 11 other candidates.
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Mr Nawrocki won the vote despite discussions about his past dominating the last days of the campaign – from questions over his acquisition of a flat from a pensioner to an admission that he took part in orchestrated brawls.
“Everything was on a knife edge,” said 32-year-old IT specialist Patryk Marek. “Feelings are for sure mixed for this moment. But how small this margin was, it tells us how divided we are almost in half as voters.”
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Outgoing Polish President Andrzej Duda spoke to Sky News earlier this year
Poland’s new president will have significant influence over whether the country’s centrist government can fulfil its agenda, given the presidential power to veto laws.
Led by Prime Minister Donald Tusk, the government had struggled to pass legislation with Poland’s previous president in power and may find the same is true once Mr Nawrocki is sworn in.
Like his predecessor, Mr Nawrocki is expected to block any attempts by the government to liberalise abortion or reform the judiciary.
European Commission President Ursula von der Leyen said she was convinced the EU could continue its “very good cooperation” with Poland.
“We are all stronger together in our community of peace, democracy, and values. So let us work to ensure the security and prosperity of our common home,” she said.
There has been some discussion about whether a win for Mr Nawrocki could lead to fresh elections in Poland.
Jacek Sasin, a politician for the opposition Law and Justice party, said: “The referendum on the dismissal of the Tusk government has been won.”