Bill Ackman shares his investment philosophy influenced by Benjamin Graham.

• Ackman was inspired by Benjamin Graham's book 'The Intelligent Investor' early in his career.
• He emphasizes understanding the difference between price and value, with the stock market serving investors rather than the other way around.
• Ackman seeks businesses with predictable long-term cash flows, and he supports value investing over speculation.
• He explains how to estimate the value of a company and the importance of buying at a price that offers a margin of safety.

Ackman discusses the leadership issues at Harvard and the importance of strong governance.

• Ackman is critical of Harvard's leadership and governance, citing their poor handling of recent terrorism-related events on campus.
• He discusses the need for leaders who can admit mistakes and the role of the board in guiding the institution.
• Ackman believes that universities like Harvard play a crucial role in shaping future leaders and the importance of civil discourse.

Bill Ackman explains activist investing and his experiences with it.

• Activist investing involves taking positions in companies and then working to improve them, often by gaining board seats.
• Ackman recounts his experiences with activist investing, including his time at General Growth Properties.
• He discusses the challenges and tactics of activist investing, such as proxy battles and dealing with resistance from company boards.

Ackman recounts the saga of his investment in Herbal Life and the subsequent battle with Carl Icahn.

• Ackman discusses his short position in Herbal Life, which he believed was a pyramid scheme harming people.
• He details the battle with Carl Icahn, who took the opposite position, leading to a highly publicized and personal conflict.
• Ackman explains the challenges and dangers of short selling and the impact of the battle on his hedge fund.

Ackman criticizes Harvard's leadership over their response to anti-Semitic events on campus.

• Ackman is critical of Harvard's leadership for their handling of calls for genocide against Jews on campus.
• He expresses his disappointment in university presidents' testimony before Congress, calling it evasive and lacking accountability.
• Ackman discusses the resignation of Harvard's president over plagiarism allegations and the implications for the university's future.

Ackman addresses the plagiarism accusations against his wife, Neri Oxman.

• Ackman defends his wife, Neri Oxman, against accusations of plagiarism by Business Insider, stating she did nothing wrong.
• He emphasizes the difference between academic fraud and honest errors, and plans to sue Business Insider for defamation.
• Ackman criticizes the journalism industry for sensationalist reporting and the damage it can cause to individuals' reputations.

Bill Ackman shares his political views and his support for Dean Phillips in the 2024 Presidential race.

• Ackman reflects on his initial support for Donald Trump and his mixed performance as president.
• He discusses the importance of civility and effective leadership in a president.
• Ackman voices his concerns about Joe Biden's leadership and advocates for Dean Phillips as a centrist and independent presidential candidate.

Ackman shares his outlook for the future of the financial world, technology, and society.

• Ackman discusses his interest in democratizing access to good investors and his optimism for AI and technology.
• He expresses his hope for the United States' resilience and the future success of young entrepreneurs.
• Ackman calls for a corrective phase in university governance and leadership, and envisions a brighter future with improved global relations.