Bill Ackman: Investment Strategy, What the Market is Missing, How AI Breaks Businesses

Bill Ackman: Investment Strategy, What the Market is Missing, How AI Breaks Businesses Bill Ackman: Investment Strategy, What the Market is Missing, How AI Breaks Businesses (0:00) Bill Ackman joins the show! (0:30) Evolving investment philosophy: What's changed over 20 years? (4:40) AI: Greatest time to build a business, and a major threat to portfolios (7:50) Predicting market moves, the "rubber band effect" (16:00) Owning founder-led companies (19:30) Building the next Berkshire Hathaway Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. https://www.ey.com/en_us/insights/ai/agentic-ai-token-costs?WT.mc_id=3501318&AA.tsrc=sponsorship NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. https://www.nyse.com Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. https://www.plaud.ai Follow Bill Ackman: https://x.com/BillAckman Apply for Summit 2026: ⁠https://allin.com/events⁠ Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect #allin #tech #news >> Taking a short position and going public OpenAI? I'm sorry, CFO. Felt like the activist and you've entered positions and exited positions and lately you've permanent long-term holdings. would love long-term durable protected long term as you become a bigger simple idea. Buy Wendy's spin-off Tim bought 10% of the company and I called presentations and go on CNBC. What reputation and today we buy a stake in a the the very short-term nature of to hurt earnings in the next few long-term investor, the most important chaos or do you reposition to things shorter term capital's going what tends about internet stocks and Bergkshire Hathway traded at the lowest valuation I think it ever traded out of it history >> What about the SAS apocalypse? So, is it you were on CNBC at that moment and you first it went traded massively down you were right on that side of the trade and trade when it ripped back up and then I conviction just has to spill out and going to just do a short-term shutdown that was what inspired me to go on TV as okay? The virus will blow over. Stocks buying. You know, valuation is like a as well. When stocks get too cheap, >> Stocks just got crazy cheap. Just stocks of really high quality companies netw worth individuals wanting to buy into SPVS that are double underwrite 100 times revenue, 50 times revenue, 150 times revenue in these XAI. I'm in an SPV. Ron Baron said Bill they can generate a lot of revenues. know, revenues and how do you do that >> Can I ask um or test a thesis with you? to the SAS apocalypse and if you take a on, you know, kind of shorter term very challenging call calls over time at Mark Zuckerberg right when he bought you make enough of those calls um and uh business a stock certificate is an stocks trading at, you know, basically business model was, you know, buying long time. a long period of time. We created it out we sell lots of home builders, we build never cared. It's always traded at a huge discount. So Buffett bought into a assets well and you can buy it at, you short-term treasuries. So he took no stocks and that's what we're going to well is that he didn't issue any stock or not for a very long time. So they you the traditional long short fund or do investment we've ever made is we bought bought the stock of a company going investment you can make. Stock went from 100 million and we bought a basically uh from Chapter 11. The stock went from 34 belong in the company that the analysts stock to go up and the you know Elon's when um you know, a stock can trade at a the higher a stock price goes, and it's gives you the ability to issue stock, is the best way to be an LP in Persing market and buy? in something called PSUS and you own a >> Yeah, I bought some Howard Hughes. I to your extremely long tweets that have shorter. You just didn't have the time.

Bill Ackman: Investment Strategy, What the Market is Missing, How AI Breaks Businesses Bill Ackman: Investment Strategy, What the Market is Missing, How AI Breaks Businesses (0:00) Bill Ackman joins the show! (0:30) Evolving investment philosophy: What's changed over 20 years? (4:40) AI: Greatest time to build a business, and a major threat to portfolios (7:50) Predicting market moves, the "rubber band effect" (16:00) Owning founder-led companies (19:30) Building the next Berkshire Hathaway Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. https://www.ey.com/en_us/insights/ai/agentic-ai-token-costs?WT.mc_id=3501318&AA.tsrc=sponsorship NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. https://www.nyse.com Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. https://www.plaud.ai Follow Bill Ackman: https://x.com/BillAckman Apply for Summit 2026: ⁠https://allin.com/events⁠ Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect #allin #tech #news >> Taking a short position and going public OpenAI? I'm sorry, CFO. Felt like the activist and you've entered positions and exited positions and lately you've permanent long-term holdings. would love long-term durable protected long term as you become a bigger simple idea. Buy Wendy's spin-off Tim bought 10% of the company and I called presentations and go on CNBC. What reputation and today we buy a stake in a the the very short-term nature of to hurt earnings in the next few long-term investor, the most important chaos or do you reposition to things shorter term capital's going what tends about internet stocks and Bergkshire Hathway traded at the lowest valuation I think it ever traded out of it history >> What about the SAS apocalypse? So, is it you were on CNBC at that moment and you first it went traded massively down you were right on that side of the trade and trade when it ripped back up and then I conviction just has to spill out and going to just do a short-term shutdown that was what inspired me to go on TV as okay? The virus will blow over. Stocks buying. You know, valuation is like a as well. When stocks get too cheap, >> Stocks just got crazy cheap. Just stocks of really high quality companies netw worth individuals wanting to buy into SPVS that are double underwrite 100 times revenue, 50 times revenue, 150 times revenue in these XAI. I'm in an SPV. Ron Baron said Bill they can generate a lot of revenues. know, revenues and how do you do that >> Can I ask um or test a thesis with you? to the SAS apocalypse and if you take a on, you know, kind of shorter term very challenging call calls over time at Mark Zuckerberg right when he bought you make enough of those calls um and uh business a stock certificate is an stocks trading at, you know, basically business model was, you know, buying long time. a long period of time. We created it out we sell lots of home builders, we build never cared. It's always traded at a huge discount. So Buffett bought into a assets well and you can buy it at, you short-term treasuries. So he took no stocks and that's what we're going to well is that he didn't issue any stock or not for a very long time. So they you the traditional long short fund or do investment we've ever made is we bought bought the stock of a company going investment you can make. Stock went from 100 million and we bought a basically uh from Chapter 11. The stock went from 34 belong in the company that the analysts stock to go up and the you know Elon's when um you know, a stock can trade at a the higher a stock price goes, and it's gives you the ability to issue stock, is the best way to be an LP in Persing market and buy? in something called PSUS and you own a >> Yeah, I bought some Howard Hughes. I to your extremely long tweets that have shorter. You just didn't have the time.

Anthropic's Fable Backlash, Nationalizing AI, Inflation Heats Up & California’s Broken Elections

Transcript is a partial/garbled excerpt from an “All-In Best Ideas Pitch Competition” segment. The only clearly actionable security discussed is MGM Resorts (MGM). The speaker is bullish based on: (1) a strategic/financial buyer accumulating shares (implied to be a large holder), (2) extremely aggressive company buybacks (claiming ~half the float over ~6 years), and (3) “hidden assets” tied to Macau/China exposure (MGM China), with an implied large valuation gap (speaker suggests the stock could be worth materially more, even “a triple”). Other mentions (Caesars, SACE, energy-efficiency retrofits) are not coherent enough to produce a tradable thesis with confidence.

Low-signal transcript-style political discussion referencing bipartisanship, “money in DC,” claims about opposition groups aligned with China/CCP, and multiple mentions of data centers and trade unions/jobs (Pennsylvania context implied). No concrete policy proposal, bill, vote, or company named; therefore limited direct trade actionability.

Noisy, partial transcript. Core actionable ideas appear to be: (1) the US faces a “critical minerals” supply shortfall (implicitly tied to China/trade restrictions), (2) AI/compute growth is driving a resurgence in CPU/compute intensity and tightness in memory (HBM/NAND) pricing, and (3) rising power demand may favor reliable gas-fired generation vs intermittent renewables, while solar remains a separate growth vector. Specific companies are not named; tickers below are inferred, so confidence is moderate-to-low.

The source is a low-quality/garbled transcript with only a few discernible investable points: (1) a thesis that Google could "crush" AI competitors (implying platform/data/distribution advantage), (2) a general claim that smaller VC funds can outperform (not directly tradable), and (3) a macro/policy aside about weakening CDC/NIH and restricting H1B immigration, which could be a headwind to US biotech R&D and innovation labor supply. Overall, actionable signal is limited and mostly narrative-level.

"Analytical Software Is Dead" - Palo Alto Networks CEO Nikesh Arora very long time. of in a really interesting position to of SAS. come out with other models. You buy You buy the hype. >> I mean, you saw IBM announced a project know, OT code on the edge. You can find you talk to CIOS today, their biggest Fix it." while the CIS are busy finding companies like the SAS businesses that SAS? >> Well, you see SAS is Bill said SAS is an analytical SAS company, it's over. >> It's over. What is an analytical SAS every SAS company has a marketplace. You can buy Salesforce marketplace. What do >> I can just go run NLM against the data. instance with a SAS product with 20 my, you know, inventory data from SAP. I selling a lot? Where do I have less different SAS products tomorrow you can SAS is dead are marginally irrelevant will take away UI and let agents do the work. UI enterprise software and consumer software UI is the worst thing >> Yes. That was analytical SAS. So that's product managers design UI so all humans can interact with data behind the UI. to be able to do it. If that happens UI goes away. If UI goes away, I can rewire in a company all these SAS software that >> it's less about

The provided source contains only a title with no substantive claims or data. It suggests a discussion about secondary markets taking share from traditional IPOs, but there are no specifics (mechanisms, companies, numbers, timing) to extract tradable implications.

The IPO Comeback: Why Tech Giants Are Finally Going Public | All-In Liquidity IPO Panel (0:00) CEOs Andrew Feldman (Cerebras) and Will Marshall (Planet Labs) join the Besties! (2:05) Both CEOs on going public: Impact on employees, customers, and business operations (13:18) Timelines for datacenters in space (19:28) Cerebras business breakdown, AI's impact on the silicon market (24:45) How Founder/CEOs think about liquidity on the road to going public Thanks to our partners for making this possible! EY - Great tech starts with a big idea. From startup to scale, EY helps tech founders get financials right early so they can focus on what’s next. https://www.ey.com/en_us/tech-sector/tech-startups?WT.mc_id=3501317&AA.tsrc=sponsorship NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. https://www.nyse.com Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. https://www.plaud.ai Follow Brad Gerstner: https://x.com/altcap Follow Andrew Feldman: https://x.com/andrewdfeldman Follow Will Marshall: https://x.com/Will4