One of the most provocative and interesting investors in the country.

A legendary activist investor.

Pershing Square CEO and founder Bill Ackman.

Taking a short position and going public with it is a pretty serious business.

Interestingly, some of the best businesses in the world are trading at the lowest multiples.

We're kind of the rebirth of the closed-end investment company universe.

What did you think of Zara, the CEO of Open AI? I'm sorry, CFO. Felt like the CEO.

Yeah, I was...

Stop with that stuff. Actually, I was super impressed.

Made me a lot more bullish on Open AI. And I thought... Right? I thought she should be CEO of Open AI. That's what I thought. I think Sam should be chair. I think he's much better. There was a question I wanted to ask her that we didn't get time, which was what's it like working with Sam? I mean, that could have been like three hours in the documentary. I wanted to kick this off. So thank you so much for being here.

We've tried a number of times to get you to all in, and it's great to finally have you.

You obviously are a legend that doesn't need much of an introduction.

Lately, in the last number of, call it years or months or quarters or what have you,

it seems like your investment philosophy may be changing,

your model, where you've been activist and you've entered positions and exited positions,

and lately you've talked a lot about more kind of permanent long-term holdings.

We'd love to hear a little bit about if that is actually a change and how your evolution

and your investment model has kind of changed over time?

Sure. So I would say the biggest change over time is an appreciation for the importance of

what I would call business quality, long-term, durable, protected, non-disruptible growth.

I would say early days, you're smaller, more liquid investor. You don't have to think as long-term as you

become a bigger concentrated investor and over time you learn the importance of

...