Live from New York: Bill Ackman, Aussie businesses & other observations

Bryce Leske (0:00)

We've just spoken to one of the most famous investors in the world, Bill Ackman. So we're going to start with our reflections on that interview. Bullish on AI trade, but very worried about the future of AI and where it's taking us. We did ask him if it's going to kill us, and he said, it's not out of the question.

Alec Renehan (0:14)

He noted how, as everyday investors, we have time on our side. Professional investors have to report every quarter, and their careers are on the line, their promotions, bonuses. Whereas everyday investors, have that opportunity to just be patient, and so we should take advantage of it.

Bryce Leske (0:34)

Welcome to another episode of Equity Mates, a podcast where we explore what's possible in the world of investing. Now, if you've just joined us for the very first time, you're probably thinking, what on earth am I looking at? Well, you are about to find out. My name is Bryce.

Alec Renehan (0:47)

And I'm Ren, and I think that every episode. No, we are two podcasters, fresh off our interview with Bill Ackman, very excited, maybe a bit too excited, which is why we're wearing these New York headdresses, trying to get in the spirit of things. I'm not sure it's going to last the whole episode though.

Bryce Leske (1:06)

It will for me, that's for sure. But you're right, Ren, we've just spoken to one of the most famous investors in the world, Bill Ackman. So we're going to start with our reflections on that interview and then move to having a look at his portfolio. For those that won't be able to attend FinFest, we're going to run through his portfolio as part of our Sheet Sheet segment. And then we're going to close out with some broader observations that we've seen while over here in the US and compare some of the, or have a look at some of the success stories we've seen for Australian businesses going big in the United States.

Alec Renehan (1:36)

Now, before we get into the episode, we want to say a massive shout out to Old Mates Bar, which is where we're recording today in downtown Manhattan. We've just swung by Wall Street, seen the bull and then come to the pub. So a massive thank you to them for letting us record here today.

Bryce Leske (1:51)

Yes, yes.

Alec Renehan (1:52)

Probably one of the better meals we've had in New York so far.

Bryce Leske (1:55)

Absolutely. We had the Parma. They've got the classic pie as well. Yes, yeah.

Alec Renehan (2:01)

Ozy Burger with pineapple and an egg.

Bryce Leske (2:04)

There's Gunder Guy Lamb.

Alec Renehan (2:05)

A long list of famous investors as well.

Bryce Leske (2:07)

Yes. Well, obviously, Andy Lee and Hamish Blake, but some of the others, Hugh Jackman, Pat Cummings, Paddy Mills, Ash Barty, Mick Fanning.

Alec Renehan (2:16)

Yes.

Bryce Leske (2:16)

Big sports roster.

SPEAKER_3 (2:17)

Yeah, yeah, yeah.

Alec Renehan (2:19)

So, let's get into it. Bill Ackman, we've just spoken to him. He's the CEO of Pershing Square Capital, one of the biggest investors, one of the biggest names in investing, I would say.

Where do you want to start? What's some of the takeaways?

Bryce Leske (2:34)

Well, I mean, we had a massive wind up to it. We'd literally flown 15 and a half hours to New York, had a few days to prepare. And so we were waiting. We knew we had 90 minutes with him and he came in strong.

He opened the door and bee limed.

Alec Renehan (2:50)

Yeah. Yes. I don't know what the alternative would be.

Bryce Leske (2:55)

I don't know. I just wasn't expecting it. He knocks on the door and waits. I don't know. I was expecting more of an introduction from his team, perhaps. I don't know. But he just...

SPEAKER_3 (3:04)

Oh, like now announcing Bill Ackman.

Bryce Leske (3:07)

Yeah. I was taken aback by how strong he came on.

SPEAKER_3 (3:12)

But it was good.

Alec Renehan (3:12)

When I said, what are your initial observations? I thought you'd maybe say how he's so bullish on Uber or, you know, how he's not using AI in his investing process. But no, it's all about how he walked in the door.

SPEAKER_3 (3:24)

Yeah.

Bryce Leske (3:24)

Well, that was my initial observation.

Alec Renehan (3:27)

I guess we won't cover it all because this is... We're going to be releasing this at FinFest and then we'll release it in full after FinFest. But he had some pretty strong views on the market today.

Very bullish on the AI trade still.