Bill Ackman's Stock Portfolio
Overview
Bill Ackman runs Pershing Square Capital Management, a concentrated activist hedge fund he founded in 2004. His style is Buffett-meets-Carl Icahn: he buys 8–12 large positions with extreme conviction, then often pushes management to unlock value. His track record includes brilliant campaigns (General Growth Properties in bankruptcy, Canadian Pacific) and spectacular blow-ups (Valeant, a $1B losing short on Herbalife). What sets him apart isn't just the returns — it's the transparency. His shareholder letters and investor day presentations are among the most detailed and candid in the industry. If you want to understand how an activist thinks through a thesis, Ackman is your best teacher.
Primary Resources
Straight from the investor or their firm — the highest-signal material available.
PSH is the publicly listed vehicle — annual reports and presentations are public and detailed. The investment reviews are unusually candid about mistakes.
One of the most active hedge fund managers on X. Shares investment views, macroeconomic takes, and occasional thesis overviews in real time.
The SPAC letters from 2020–2021 contain some of Ackman's clearest writing on valuation frameworks and how he constructs a position.
Key Talks & Interviews
Curated, not exhaustive — the one or two appearances worth your time if you're new to this investor.
The definitive example of how to present a short thesis. Three hours of forensic accounting explained to a room of professionals. Even if MBIA is ancient history, the analytical method is timeless.
More reflective than his investor day pitches — covers his philosophy on risk, position sizing, and how he thinks about permanent loss of capital.
A rare behind-the-scenes look at how Pershing Square operates — hiring, culture, and how he runs the firm. More useful for understanding the person than the stocks.