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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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Bottom 10: Things got even grimmer in Not-So-Happy Valley

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Bottom 10: Things got even grimmer in Not-So-Happy Valley

Inspirational thought of the week:

We’re taking the train to Happy Valley
Won’t you come along there too
It’s beautiful there in Happy Valley
With wonderful things to do

The sun shines brightly the whole day long
Every bird sings a different song
There’s no need to worry, there’s joys untold
In Happy Valley you’ll never grow old

— “Happy Valley,” Rodd and The Cavaliers

Here at Bottom 10 Headquarters, located behind the giant lake of frying grease that is held in a secret location in metro Dallas until the State Fair of Texas starts and it’s time to cook balls of butter and funnel cake burgers, we used to roll our eyes at the term “unprecedented times.” Why? Because we once believed that all times are precedented. As William Shakespeare once wrote, “Past is prologue.” And as my Uncle Willie once said to me, shaking a spear of asparagus, “Don’t get all worked up, Ryno. Ain’t nothing gonna happen that ain’t never happened before.”

So, what changed our mind? Penn State went to the Rose Bowl Not The Rose Bowl Game to play UCLA.

So, what do we do now? A Coveted Fifth Spot team that earned that Coveted Fifth Spot by losing an OT game to a top-5 team, so we know the team isn’t actually that bad, turns right around and loses to a Bottom 10 team that we know is actually that bad. Does that mean that team should be back in the Coveted Fifth Spot because it isn’t actually that bad … or does it graduate from the Coveted Fifth Spot into the actual Bottom 10 because it is actually that bad? And what about the team that was definitely bad but beat that team? Does it graduate out of the Bottom 10 … or does it stay in the Bottom 10 because perhaps the team that we thought wasn’t bad is actually bad?

To quote Cal Naughton Jr., the NASCAR driver who thought he was bad only because teammate Ricky Bobby wouldn’t let him win, thus keeping him thinking he was bad: “My head’s all tied up like a pretzel. I got a pretzel in my head!”

And you know where they make the best pretzels? Pennsylvania.

With apologies to former SMU wide receiver Happy Nelson, former Florida State running back Happy Fick, current Kentucky D-lineman Nic “Happy” Smith and Steve Harvey, here are the post-Week 6 Bottom 10 rankings.

The Bearkats were krushed by New Mexiko State and now, after zero home kontests in September, kan kruise through most of Ocktober in the friendly konfines of Huntsville, Teksas.


The Beavers are the nation’s only six-loss team after traveling 4,477 miles round trip to lose a heartbreaker in Boone, North Carolina, to Appalachian State. Now they host Wake Forest, which will make a 4,624-mile round trip from Winston-Salem, North Carolina, to Corvallis and back. FWIW, Wake and App State are separated by 86 miles. The Beavs should have just stayed in North Carolina and spent the week in the foothills eating barbecue, drinking moonshine and watching the fall foliage turn orange and black, both the colors of Oregon State and the colors that your liver turns after drinking real Carolina moonshine.


It was the actual Minutemen who were perched on Bunker Hill, holding steady atop Boston as the British marched closer and closer, but refusing to engage because they had been ordered by their commanding officer, “Don’t fire until you see the whites of their eyes!” That was us throughout the first six weeks of the season, as we waited not so patiently for Saturday’s Pillow Fight of the Week of the Year of the Century Mega Bowl, pitting UMass against …


“Don’t fire until you see the Golden Flashes of their eyes!”

“But, sir, we can’t see their eyes!”

“Why not?”

“Because their eye sockets and cheeks are so bruised and swollen from their trips to Florida State and Oklahoma!”


So, the answer to the question that we started with “So” in the intro to these rankings is that, yes, you can be a back-to-back Coveted Fifth Spot team. And all you Texas Longhorns fans can make your thank-you checks out to the Ryan McGee Key West Retirement Fund.


Last week I failed to have the Woof Pack in these rankings and I heard from a lot of folks in Reno about that, angry that their hometown team wasn’t included. But they didn’t see the comments I received during the weeks prior from folks upset that they were included. One of them was tied around the neck of a horse’s head that was in my bed, signed by someone named “Tahoe Tommy.”


I have also heard from a lot of people in central Tennessee, wondering why I haven’t had the Mob from Murfreesboro in these rankings more, especially since their only win of the year was over Nevada, and that was by only one point. One of those notes was tied around the neck of a possum’s head that was in my bed, signed by someone named “Chevy Tahoe Tammy.”


Oklahoma State’s leading passer, rusher and receiver have all combined for exactly zero touchdowns. The last time there was this little scoring in Stillwater was when I visited town for a Beanie Babies resale convention.


Let’s give credit to the Niners, who have played games on seemingly every day of the week but Saturday to get national TV exposure. It’s the perfect Halloween horror programming.


The Emus barely edged out Northern Ill-ugh-noise in a #MACtion showdown for the Not So Coveted Tenth Spot. But that was merely a virtual showdown. This weekend they will meet in an actual showdown, kicking off 1½ hours before the UMass-Kent State game. Let’s call it the Throw Pillow Fight of the Week, because it’s the slightly smaller pillow we have to move to get to the actual pillow.

Waiting list: UCLA Boo-ins, Northern Ill-ugh-noise, UTEPid, Bah-stan Cawledge, UNC Chapel Bill, Georgia State Not Southern, Stanfird, My Hammy of Ohio, South Alabama Redundancies, Give Me Liberty Or Give Me 1-4, the definition of a catch.

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Jets lock up forward Connor with $96M extension

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Jets lock up forward Connor with M extension

The Winnipeg Jets took care of business ahead of their regular-season opener, signing top forward Kyle Connor to an eight-year, $96 million extension on Wednesday.

It’s the richest contract in Jets franchise history, earned by one of their most consistent performers. Drafted by Winnipeg 17th overall in 2015, Connor has scored 30 or more goals in seven of his eight full NHL seasons to date and surpassed the 40-goal mark in two of his past four campaigns.

In 2024-25 he collected a career-high 56 assists and 97 points in 82 games and ranks top 20 among all NHL skaters in goals (153) and points (331) since 2021.

Winnipeg finished atop the league standings last season with a 116-point effort that only carried them to a second-round playoff defeat against Dallas. Keeping Connor in the fold was critical for the Jets to maintain their position as a contending team in the Western Conference. Winnipeg’s core includes Hart and Vezina Trophy-winning goaltender Connor Hellebuyck, top center Mark Scheifele and blueliner Josh Morrissey.

Connor, 28, is now one of four Jets — including Scheifele, Gabriel Vilardi and Neal Pionk — locked in through 2030.

This could be the start of a big year for Connor. He represented Team USA at the 4 Nations Face-Off in February and was part of their Olympic orientation camp over the summer ahead of NHL players returning to participate in the 2026 Milan-Cortina Games.

Winnipeg hosts its first game of the season on Thursday at home against the Stars.

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Oilers follow McDavid extension with Ekholm deal

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Oilers follow McDavid extension with Ekholm deal

Days after signing superstar Connor McDavid to a two-year extension, the Edmonton Oilers have locked up one of the most important championship players around him in defenseman Mattias Ekholm.

Ekholm, 35, signed a three-year, $12 million extension Wednesday that starts in the 2026-27 season. Ekholm is in the final season of the four-year contract signed with the Nashville Predators in 2021 that carries a $6 million average annual value. He would have been an unrestricted free agent next summer.

Entering his 15th NHL season, Ekholm had 33 points (9 goals, 24 assists) in 65 games last season for the Oilers. His 22:11 in average ice time was third on the team. One of Edmonton’s primary penalty killers, Ekholm also sees time on the power play.

The Swedish defenseman’s comportment and facial hair also inspired a group of Edmonton fans called “The Dancing Ekholms,” who attend games in horned helmets, kilts and war paint to honor their “Viking Warrior.”

Ekholm’s signing comes two days after McDavid agreed to a two-year contract extension with a $12.5 million AAV, a steep hometown discount that gives general manager Stan Bowman cap flexibility to build a winner around the star center.

Bowman immediately went to work, signing Ekholm and defenseman Jake Walman (7 years, $49 million) to contract extensions. The Oilers now have nine players signed through the end of McDavid’s deal in 2028.

Edmonton is coming off its second straight defeat to the Florida Panthers in the Stanley Cup Final. The Oilers have played in the postseason in six straight seasons.

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