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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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Entertainment

Sarah Harding breast cancer research project is successfully identifying at-risk young women

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Sarah Harding breast cancer research project is successfully identifying at-risk young women

A groundbreaking breast cancer research project launched in memory of the late Girls Aloud singer Sarah Harding is already successfully identifying young women at increased risk of getting the disease.

The BCAN-RAY (Breast Cancer Risk Assessment in Young Women) was launched a year ago in the singer’s name after she died from the disease in 2021 at the age of 39.

While she was having treatment, the star said she was “really keen” for more research into why young women are being diagnosed without a family history of the disease.

One of the singer’s final hopes was to find ways of spotting the disease early when it’s easier to treat.

The BCAN-RAY is one of the only projects in the world trying to identify which women in their 30s are most at risk.

About 2,300 women under 40 are diagnosed with the disease each year in the UK, according to Breast Cancer Now.

The two-year study is using money from Cancer Research UK, the Christie Charity, and the Sarah Harding Breast Cancer Appeal – backed by her family and former bandmates.

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It looks at risk factors most commonly found in young women with the disease and will form a model to identify them in future.

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Anna Housley, 39, from Hale, Greater Manchester, is one of the women taking part in the trial. After being tested last year the mother of two was surprised to find she’s at increased risk.

With no history of the disease in her family, she told Sky News: “I’m really grateful that I have been found because now I know that I’m going to be looked after and I can be screened.”

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Speaking about the work of Harding, she said: “All I can say really is thanks to her for being such a brave advocate to young women.”

The new information means she’s now eligible for annual mammograms and medication should she want it.

It’s hoped all women will eventually be able to have a risk assessment when they reach 30.

Pic: David Fisher/Shutterstock
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Girls Aloud kicked off a reunion tour on Saturday dedicated to the late bandmate. Pic: David Fisher/Shutterstock

A thousand women in the Greater Manchester area will take part, including 250 with breast cancer who don’t have a family history of the disease.

Saliva samples will hopefully help experts identify certain types and patterns of genes that could raise a woman’s risk.

These will be considered with factors such as period timing, breast tissue density, alcohol consumption and use of the pill.

Harding’s consultant Dr Sacha Howell from Manchester University NHS Foundation Trust, who is leading the study, said of the singer: “I think she’d be absolutely thrilled that she was part of this and her legacy is that we will be helping more and more young women like her.

“But what we’re all hoping is that by detecting those cancers earlier, they won’t unfortunately have that end result that Sarah did, which was to pass away with the disease.”

Harding’s legacy won’t just be her successful music career, it will also be her work in raising awareness around breast cancer and potentially giving many more women in their 30s a future.

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Business

Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

Billionaire Sir Jim Ratcliffe has told Sky News that Britain is ready for a change of government after scolding the Conservatives over their handling of the economy and immigration after Brexit.

While insisting his petrochemicals conglomerate INEOS is apolitical, Sir Jim backed Brexit and spent last weekend with Labour leader Sir Keir Starmer at Manchester United – the football club he now runs as minority owner.

“I’m sure Keir will do a very good job at running the country – I have no questions about that,” Sir Jim said in an exclusive interview.

“There’s no question that the Conservatives have had a good run,” he added. “I think most of the country probably feels it’s time for a change. And I sort of get that, really.”

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Sir Jim was a prominent backer of leaving the European Union in the 2016 referendum but now has issues with how Brexit was delivered by Tory prime ministers.

“Brexit sort of unfortunately didn’t turn out as people anticipated because… Brexit was largely about immigration,” Sir Jim said.

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“That was the biggest component of that vote. People were getting fed up with the influx of the city of Southampton coming in every year. I think last year it was two times Southampton.

“I mean, no small island like the UK could cope with vast numbers of people coming into the UK.

“I mean, it just overburdens the National Health Service, the traffic service, the police, everybody.

“The country was designed for 55 or 60 million people and we’ve got 70 million people and all the services break down as a consequence.

“That’s what Brexit was all about and nobody’s implemented that. They just keep talking about it. But nothing’s been done, which is why I think we’ll finish up with the change of government.”

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UK needs to get ‘sharper on the business front’

Prime Minister Rishi Sunak has indicated an election is due this year but Monaco-based Sir Jim is unimpressed by the Conservatives’ handling of the economy.

“The UK does need to get a bit sharper on the business front,” he said. “I think the biggest objective for the government is to create growth in the economy.

“There’s two parts of the economy, there’s the services side of the economy and there’s the manufacturing side. And the manufacturing, unfortunately, has been sliding away now for the last 25 years.

“We were very similar in scale to Germany probably 25 years ago.

“But today we’re just a fraction of where Germany is and I think that isn’t healthy for the British economy… particularly when you think the north of England is very manufacturing based, and that talks to things like energy competitiveness, it talks to things like, why do you put an immensely high tax on the North Sea?

“That just disincentivises people from finding hydrocarbons in the North Sea, in energy.

“And what we need is competitive energy. So I mean, in America, in the energy world, in the oil and gas world, they just apply a corporation tax to the oil and gas companies, which is about 30%. And in the UK we’ve got this tax of 75% because we want to kill off the oil and gas companies.

“But if we don’t have competitive energy, we’re not going to have a healthy manufacturing industry. And that just makes no sense to me at all. No.”

‘We’re apolitical’

Asked about INEOS donating to Labour, Sir Jim replied: “We’re apolitical, INEOS.

“We just want a successful manufacturing sector in the UK and we’ve talked to the government about that. It’s pretty clear about our views.”

Sir Jim was keener to talk about the economy and politics than his role at struggling Manchester United, which he bought a 27.7% stake in from the American Glazer family in February – giving him an even higher business profile.

Old Trafford stadium in Manchester. Pic: AP
Image:
Old Trafford stadium in Manchester. Pic: AP

Push for stadium of the North

He is continuing to push for public funds to regenerate Old Trafford and the surrounding areas despite no apparent political support being forthcoming. Sir Keir was hosted at the stadium for a Premier League match last weekend just as heavy rain exposed the fragility of the ageing venue.

“There’s a very good case, in my view, for having a stadium of the North, which would serve the northern part of the country in that arena of football,” Sir Jim said. “If you look at the number of Champions League the North West has won, it’s 10. London has won two.

“And yet everybody from the North has to get down to London to watch a big football match. And there should be one [a large stadium] in the North, in my view.

“But it’s also important for the southern side of Manchester, you know, to regenerate.

“It’s the sort of second capital of the country where the Industrial Revolution began.

“But if you have a regeneration project, you need a nucleus or a regeneration project and having that world-class stadium there, I think would provide the impetus to regenerate that region.”

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World

Ukrainian soldiers reveal how they were secretly moved ahead of new Russian invasion

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Ukrainian soldiers reveal how they were secretly moved ahead of new Russian invasion

Members of a Ukrainian brigade have described how they were secretly relocated to help defend a section of the country’s border with Russia a few days before a new invasion began.

The commander of an artillery unit from 57 Brigade said his guns were even firing at Russian troops the day before the ground incursion into the northeastern region of Kharkiv, which started on 10 May. He said the forces had been “brazenly” amassing on the Russian side of the border.

“We were hitting tanks on the border… it was already a real war,” said Sasha, 26, who uses the callsign “black”.

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The commander of a second artillery unit similarly confirmed the brigade had been moved early to bolster defences in this direction.

The troops had previously been defending the city of Kupiansk, also in Kharkiv.

An Artillery Battery Commander of the 57th Brigade says his unit was moved into position days before the new Russian invasion
Image:
Sasha, an artillery battery commander of the 57 Brigade

The comments offer a sense of how Ukraine attempted – ahead of time – to scramble forces to counter a Russian build-up along its long, northeastern border.

But the move was nowhere near enough to prevent the largest assault into Ukraine since Russia launched its full-scale invasion almost two and a half years ago.

A Ukrainian source, describing the first few days of the Kharkiv offensive just over a week ago, said there had been moments when he feared “we had lost the frontline”.

The source said the situation had since stabilised but warned: “We don’t know how long it could be like this”.

Sky News on Saturday tried to visit an artillery position, manned by soldiers from 57 Brigade, just outside the town of Vovchansk – a key target of the Russian offensive.

While trying to reach an artillery position outside the town of Vovchansk, Sky News crews were told over the radio to turn back for safety
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While trying to reach an artillery position, a Sky News crew was told to turn back for safety

As we approached at speed by road, a soldier travelling with us said we had to pull over because he needed to communicate via radio with troops on the gunline.

Suddenly a voice over the radio could be heard saying: “Don’t come here. Don’t come at all.”

We were told it was too dangerous to travel further and we had to leave. It was not immediately clear what was happening on the ground.

At a makeshift base, safely back from the frontline, the artillery unit commander Sasha uses electronic maps on a tablet and laptop to confirm targets for his guns to attack.

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He said he and his team relocated from the Kupiansk front on the 4 to 5 May.

“We were indeed moved here earlier,” Sasha said. But he signalled he would have liked longer to prepare.

“I don’t know all the situation and why it happened like this. But I know for sure that to better repel [an attack], we might need either more time or better-prepared positions,” he said.

“Ahead of the assault, we were already hitting targets on Russian territory because we knew they were gathering there. They were brazenly assembling.”

Sasha described the moment the Russians started to advance.

He said it began with three hours of artillery fire against Ukrainian targets before ground troops crossed the border.

“I would love that they [the Russians] had been stopped at the border,” he said.

Soldiers say they could inflict more damage on Russian soldiers if they had more ammunition and better weapons
Image:
Soldiers say they could inflict more damage on Russian soldiers if they had more ammunition and better weapons

Instead, a fierce battle erupted, as Russian infantry, backed by airstrikes, drone attacks and artillery fire, pushed forward.

“For the first few days, they [the Russians] were storming our positions – columns of 30 to 50 soldiers. We were hitting them.”

In the chaos, Sasha said he worked to gather information to ensure his troops were able to operate.

“I am proud that my guys managed to do their best,” he said. “All credit to those who stayed on their artillery positions.”

A Soviet-era D-10 Howitzer artillery piece nicknamed "grandma" by soldiers
Image:
A Soviet-era D-20 Howitzer artillery piece nicknamed “grandma” by soldiers

He described the frontline as initially being “fragile” but said reinforcements were now in place. The commander said Russia had lost the opportunity to make a significant breakthrough.

“Until now they had a chance. Even in my area, I knew where we had gaps where they could have slipped through. Now we don’t have such gaps,” he said.

“I am satisfied that we have managed to stabilise the situation.”

At a second artillery position, on a different section of a frontline that has expanded by some 40 miles in the wake of the new attack, a Soviet-era gun, hidden under netting and tree branches, points in the direction of Russia.

Shells used by the D-20 Howitzer artillery piece, which was built in the 70s
Image:
Shells used by the D-20 Howitzer artillery piece, which was built in the 1970s

Soldiers here said they would be able to inflict a lot more damage on the invaders if they had more ammunition and better weapons.

Nicknamed “grandma”, their D-20 Howitzer artillery piece, which fires 152mm shells, was built in the 1970s.

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“We’re saving our artillery shells right now. We fire one, they fire back five,” said one of the servicemen, who – at 50 years old – has the callsign “Grandpa”.

A second soldier said Russia has more weapons than his side.

Asked what difference additional munitions would make, he said with a laugh: “It would increase the number of dead Russians – 100%”.

Additional reporting by Azad Safarov, Ukraine producer

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