#413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech

- Bill Ackman's investment philosophy is influenced by Warren Buffett and focuses on long-term value investing, buying undervalued companies, and actively engaging in their governance.

- Ackman's strategy involves identifying "rare companies" with durable competitive advantages, which he refers to as having "moats" that protect them from market disruptors.

- His activist investing approach has led to significant changes in companies like Chipotle and Canadian Pacific Railway, showcasing the potential for investors to effect positive change and yield substantial returns.

- Ackman's experiences underline the importance of having a sound temperament in investing, advocating for rational decision-making, particularly during market volatilities, and avoiding the use of leverage.

- The intense and public battle for the board of Canadian Pacific Railway exemplifies the dramatic influence activist investors can have on a company’s trajectory and market value.

- Ackman emphasizes the need for financial and personal security in investing, advocating for a strong foundation and long-term principles to weather market downturns.

- The episode tackles the issue of free speech and governance in university settings, using Harvard as a case study to discuss the challenges and necessary reforms within elite academic institutions.

- Ackman suggests that democratizing access to investment opportunities is crucial for the future, and stresses leadership as a determinant factor in economic performance and global stability.

- Despite personal and professional controversies, such as the plagiarism accusations faced by Neri Oxman, Ackman highlights the importance of resilience and the need to support innovators against unfounded media scrutiny.

- Ackman remains hopeful for Harvard's potential evolution, calling for a "reboot" of the governance structure to better reflect the principles of open dialogue, diversity, and inclusion.