Connect with us

Published

on

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?

Essential weekly read to fuel business lunches.

Please provide a valid email address.

By clicking above you agree to the Terms of Use and Privacy Policy.

Thanks for signing up!
Never miss a story.

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.

Continue Reading

Environment

Huawei Maextro set to challenge Maybach, Rolls-Royce in China with 852 hp

Published

on

By

Huawei Maextro set to challenge Maybach, Rolls-Royce in China with 852 hp

Packing up to 852 hp and a cutting-edge technology stack developed by Huawei, Chinese luxury brand Maextro just revealed its latest entry into the Mercedes-Maybach EQS and Rolls-Royce Spectre segment of ultra-luxe EVs. Meet the all-new Maextro S800.

Despite a somewhat steady stream of new Chinese EVs that defy expectations and threaten to re-set the global order of performance cars, semi trucks, and just about everything in between, brands like Maybach, Rolls-Royce, and even Bentley have seemed relatively “safe,” in the sense that their value is based on something a bit less objective than lap times or kW/mile.

The new Huawei Maextro S800, first shown as a series of renderings late last year, seems to have found some of Henry Rolls’ secret sauce – and they’ve sprinkled it liberally all over the S800.

Huawei sparkles – literally

The shimmering, sparkly, fiber-optic headliner was pioneered by Rolls-Royce over a decade ago, pushing back against the more open and accessible glass-roofs that were becoming popular in the higher end market. Huawei goes a step further, adding similar, Swarovski-like shimmer to not just the headliner – but the door handles, the headlights, projections dancing around the car as you approach it in the street.

Advertisement – scroll for more content

It looks and feels special, in other words. And these cars are all about making their owners feel special. Different.

When Henry Rolls began work on his first US factory in Springfield, Massachusetts way back in 1919, there was supposedly a mantra that management repeated to the workers. It went, “every time you touch the car, you add cost. Make sure you add value.”

I’m not here to argue that Huawei is living up to the same maxim with the Maextro, but I am here to argue that this car’s bespoke, purpose-built platform doesn’t share any parts with a lesser offering from the Mercedes or BMW or Volkswagen lineup in the way that a Maybach, Rolls-Royce, or Bentley does. That may not mean much to you and me, but the people shopping six- and seven-figure cars, it might.

Those well-heeled buyers will get a choice of EREV or “pure” battery electric powertrains good for between 480 and 852 all-electric horsepower. 32 ADAS sensors including both radar and lidar compliment a suite of cameras analyze the road ahead and feed data to Huawei’s ADS road perception system, which is constantly adjusting torque distribution, suspension compression and rebound, and front and rear steering to deliver a tech-driven chauffeur experience that Huawei insists is second to none.

That digital chauffeur is also pretty handy when the weather goes sideways, too. Huawei says the Maextro’s sensor array can help it to increase the detection distance in rain, fog, and dust by 60% compared to the benchmark, while delay was reduced by 40%.

In the event a collision is unavoidable, the car can adjust its stance, seating position, raise the windows, and unlock the central control lock to enable outside help to open the doors. Following the collision, the Maextro S800 switches the redundant power supply and calls for help, as well.

Finally, reports indicate that the Maextro S800 supports the 800V high-voltage system in some trims, suitable for 6C charging, which means it can be energized with up to 390 kW of charging power, taking just 10.5 minutes to charge the 66 kWh battery in the EREV version (523 hp) from 10% to 80%.

The Maextro S800 will enter the Chinese in May this year with a price range of 1 – 1.5 million yuan (about $135–205,000 US).

SOURCE | IMAGES: Maextro, via CarNewsChina.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Politics

Montana’s Bitcoin reserve bill rejected by House lawmakers

Published

on

By

Montana’s Bitcoin reserve bill rejected by House lawmakers

Montana’s House of Representatives voted 41-59 against a bill that could have seen the US state establish a Bitcoin reserve.

Continue Reading

World

Pope Francis has ‘initial, mild’ kidney problem and still in critical condition, says Vatican

Published

on

By

Pope Francis has 'initial, mild' kidney problem and still in critical condition, says Vatican

The Pope remains in a critical condition and is now showing an “initial, mild” kidney problem – but is “vigilant” and took part in Mass in hospital with those caring for him.

The Vatican statement said Francis hadn’t had any more “respiratory crises” since Saturday evening.

However, a problem with his kidneys has emerged, with blood tests showing “an initial, mild, renal insufficiency, which is currently under control”, according to the update.

The 88-year-old Pope is still having “high-flow oxygen therapy” into his nose, while his hemoglobin value has increased after being given blood transfusions on Saturday.

The Pope has been at Rome’s Gemelli hospital since 14 February and is being treated for double pneumonia and chronic bronchitis.

Sunday evening’s statement said he was “vigilant and well oriented”, but due to the complexity of his case the prognosis is “reserved”.

“During the morning, in the apartment set up on the 10th floor, he participated in the Holy Mass, together with those who are taking care of him during these days of hospitalization,” the update added.

On Sunday morning, the Vatican said the Pope had a “tranquil” night and confirmed he would not lead prayers for the second week running.

Instead, Francis, who has been Pope since 2013, prepared words to be read on his behalf at the recitation of the Angelus.

‘I ask you to pray for me’

The Pope’s message said: “I am confidently continuing my hospitalisation at the Gemelli Hospital, carrying on with the necessary treatment; and rest is also part of the therapy!

“I sincerely thank the doctors and health workers of this hospital for the attention they are showing me and the dedication with which they carry out their service among the sick.

“In recent days I have received many messages of affection, and I have been particularly struck by the letters and drawings from children.

“Thank you for this closeness, and for the prayers of comfort I have received from all over the world! I entrust you all to the intercession of Mary, and I ask you to pray for me.”

The message is understood to have been written in the last few days.

Please use Chrome browser for a more accessible video player

‘The Pope is like family to us’

On Saturday night, the Vatican said the Pope was in a critical condition after a “prolonged respiratory crisis” that required a high flow of oxygen.

It said he’d had blood transfusions after tests revealed thrombocytopenia, which is associated with anaemia.

Millions around the world have been concerned about his increasingly frail health – and his condition has given rise to speculation over a possible resignation.

Faith is never lost but it feels optimism is fading

By Lisa Holland, Sky correspondent in Vatican City

It’s hard to imagine a Sunday in the Vatican City without the Pope. Every week – unless he’s travelling – he is a constant, appearing at the same Vatican windows to deliver his message.

Instead, his written words were distributed by Vatican officials. In his message, the Pope thanked his doctors and people around the world for their good wishes.

But it seems the upbeat message was written before the dramatic downturn in the Pope’s health, which has left him in a critical condition. The business and the events of the Church are continuing in his absence.

Faith is never lost but it feels like optimism is fading and we are living through the last days of Pope Francis.

In St Peter’s Square the sun shone – and a gentle light fell on the ancient stone of the basilica.
The beauty and pageantry of columns of deacons and visitors filing in for a special mass as part of the Catholic Church’s jubilee year sat awkwardly with the prognosis of the Pope’s ailing health.

The visitors and deacons who’d come from around the world to take part, and hoped to see the Pope, were left disappointed. Though they said they felt his presence. “It is what it is,” said one.

They know the Pope is an 88-year-old man who has spent the last few years assisted by a wheelchair and walking stick. Throughout his life he has been dogged by lung issues.

It leaves an almost philosophical mood ahead of what the coming days may bring.

Read more from Sky News:
Two motorways closed after human remains found
Musk says federal employees must justify work or resign

Doctors said on Friday that he was “not out of danger” and was expected to remain in hospital for at least another week.

They also warned that while he did not have sepsis, there was always a risk the infection could spread in his body.

Sepsis is a complication of an infection that can lead to organ failure and death.

Pope Francis has a history of respiratory illness, having lost part of one of his lungs to pleurisy as a young man. He also had an acute case of pneumonia in 2023.

Continue Reading

Trending