- Begin at about 21:30 if you’d like to skip an opening session on starting a business (including the vocabulary around accounting and capital markets). The second half is purely focused on investing.
- Mr Ackman speaks of mutual funds being the obvious solution for those not wanting the effort of choosing their own portfolio companies. I’m sure he wouldn’t begrudge me a pitch for ETFs which do the same things, but usually carry lower fees.
- Given Mr Ackman’s value-oriented investment approach, I wasn’t surprised to hear his cynicism for investment styles outside of value (namely ‘technical’ or systematic approaches). I disagree here, noting that both Mr Ackman’s approach and other approaches can work in the long term, and frequently provide different sorts of investment returns.