Bill Ackman: Success is Not A Straight Line Up

In the 2025 UBS Berkshire Hathaway Fireside Chat, Bill Ackman and Ryan Israel from Pershing Square Capital discuss investment philosophy, market volatility, the impact of tariffs and geopolitics, and lessons from Warren Buffett.

The conversation covers how to identify durable, high-quality businesses, the importance of long-term thinking, and the evolving landscape for activist investing. Ackman shares personal reflections on resilience, mentorship, and the role of free speech, while both speakers provide practical advice for young investors and fund managers.

Here are the key takeaways:

• Bill and Ryan emphasize the value of owning high-quality, durable businesses that can withstand economic and market uncertainty, a lesson drawn from Warren Buffett.
• Volatility and uncertainty in markets are seen as opportunities for long-term investors, especially when quality companies become mispriced.
• The best businesses are those with strong market positions, low capital intensity, and the ability to grow without heavy reinvestment—often resembling “royalty” models.
• Ackman highlights the importance of resilience, health, and perspective in both investing and life, noting that setbacks are inevitable and how one responds is critical to success.
• Both speakers stress the significance of mentorship, open debate, and building a strong, values-driven culture for enduring investment success.