Bill Ackman

Born in 1966 in Chappaqua, New York, Ackman graduated from Harvard College (magna cum laude) in 1988 and Harvard Business School in 1992. He co-founded Gotham Partners in 1992, a value-oriented fund that was later liquidated amid regulatory scrutiny. In 2004 he founded Pershing Square Capital Management, which grew to manage approximately $17 billion. Ackman is known for taking large, concentrated positions in companies he believes are undervalued or mismanaged, often publishing extensive research presentations and engaging in public campaigns to force management changes. Notable activist investments include Canadian Pacific Railway (2011, generated exceptional returns after CEO Hunter Harrison was brought in), Chipotle (2016), Howard Hughes Corporation, and Restaurant Brands International. His most controversial position was a multi-year short on Herbalife (2012-2018), in which he publicly accused the company of being a pyramid scheme and waged a prolonged public campaign against it. Carl Icahn took the opposite side in a famous CNBC confrontation, and the position ultimately resulted in a loss after Herbalife settled with the FTC without being shut down. In March 2020, as the COVID pandemic spread, Ackman purchased approximately $27 million in credit default swaps on investment-grade and high-yield bond indices, a hedge that generated approximately $2.6 billion in profit as credit markets seized. He used the proceeds to buy stocks at what proved to be near the market bottom, generating additional returns. Ackman is also known for his unconventional use of social media and public communications, including a well-publicized "Sell everything" call via CNBC in March 2020 and active engagement on Twitter/X.