Bill Ackman

As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven’t done enough research into any of their companies. If managers have 200 positions, do you think they know what’s going on at any one of those companies at this moment?

“As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven’t done enough research into any of … Read More

I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.

“I think a very good system in a world with a lot of passive investors is one in which there are at least a few … Read More

It is a certainty that Herbalife is a pyramid scheme. We believe it’s harming a population of low-income, principally Hispanic people in the U.S. to benefit a handful of super wealthy people at the top of the pyramid.

“It is a certainty that Herbalife is a pyramid scheme. We believe it’s harming a population of low-income, principally Hispanic people in the U.S. to … Read More