YouSaid · the spoken record

Bill Ackman

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257
first
2024-02-20
most recent
2024-02-20
sittings or episodes
1
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podcast

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  1. “Solve the problem. So, Chipotle, what attracted us initially is the stock price dropped by about 50%. Great company, great concept. Athletes love it. Consumers love it. Healthy, sustainable, fresh food made in front of your eyes. And great Steve Ell is the founder, did an amazing job. But ultimately, the company's lacking some of the systems and had a food safety issue. Consumers got sick, almost killed the rent. But the reality of the fast food quick service industry is almost every fast food company has had.”

    2024-02-20 · Lex Fridman Podcast · #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Sort of one example. Another example could be just the restaurant industry, right? If you can look at businesses like McDonald's, right? So whatever the company's like a 1950 vintage business, and here we are, it's 75 years later. And you can kind of predict what it's going to look like over time. And the menu is going to adjust over time to consumer tastes. But I think the hamburger and fries is probably forever.”

    2024-02-20 · Lex Fridman Podcast · #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “There's sort of name and likeness rights That have to be protected now. Can a name be attributed to a Tesla robot? I don't know.”

    2024-02-20 · Lex Fridman Podcast · #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Totally agreeing. And I think if you think about it, there's lots of other technologies and computers that have been used to generate music over time. But no one wants in love with a computer-generated track, right? And Taylor Swift, incredible music, but it's also about the artist and her story and her physical presence and the live experience. I don't think you're going to sit there and someone's going to put computer up on stage. It's going to play and people are going to get excited around it. So I think AI is really going to be a tool to make artists better artists. I think like a synthesizer really created the opportunity for one man to have an orchestra. Maybe a bit of a threat to a percussionist. But maybe not. Maybe it drove even more demand for the live experience.”

    2024-02-20 · Lex Fridman Podcast · #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Again, there are all kinds of risks in every business. This is one that I think has a very high degree of persistence, and I can't envision a world where beyond streaming, in a sense. Now, you may have a neural link chip in your head, instead of a phone, but the music is going to come in a digitized kind of format. You're going to want to have an infinite library that you can walk around in your pocket or in your brain. It's not going to matter that much if the form factor, the device changes. It's not really that important whether it's Spotify or Apple or Amazon that are the so-called DSPs or the providers. I think the values really kind of reside in the content owners. And that's really the artists and the label.”

    2024-02-20 · Lex Fridman Podcast · #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “And they've had to surf a lot of waves. And actually, the music business peaked the last time in the late 90s or 2000 timeframe. And that really innovation, Napster, digitization of music almost killed the industry. And Universal really led an effort to save the industry and actually made an early deal with Spotify that enabled the industry to really recover. And so by virtue of their market position and their credibility and their willingness to kind of adopt new technologies, they've kept their position. Now, they, of course, had this huge advantage because I think the Beatles are forever. I think YouTube is forever. I think Rolling Stones are forever. So they had a nice base of assets that were important. And I think will forever be forever is a long time. But the...”

    2024-02-20 · Lex Fridman Podcast · #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Build a model of what the world looks like and predict the growth of the streaming business, predict what kind of market share universal is going to have over time. And you can't get to a precise view of value. You can get to an approximation. And the key is to buy at a price that represents a big discount to that approximation. And that gets back to Ben Graham. Ben Graham was about what he called, invented this concept of margin of safety. You want to buy a company at a price that if you're wrong about what you think it's worth, and it turns out to be worth 30% less, you paid a deep enough discount to your estimate that you're still okay. It's about investing a big part of investing is not losing money. If you can avoid losing money and then have a few great hits, you can do very, very well over time.”

    2024-02-20 · Lex Fridman Podcast · #413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech · IDENTIFIED FROM THE TRANSCRIPT · source