Ackman worried about Salesforce disruption risk from AI
Legacy SaaS charging high seat prices for niche products are at risk; Microsoft's platform model at $50/seat is more defensible than Salesforce's monopolistic pricing.
Ackman invested in SpaceX via Ron Baron recommendation
SpaceX has one-of-one people (Elon), opportunity (Starlink, launch monopoly), and context; valuation at $750B-$1T could be justified by 5-year Starlink trajectory and increasing l…
Ackman cautious on OpenAI capital intensity vs revenue
OpenAI's business model has high degree of difficulty: massive capital commitments far exceed revenues; needs clearer communication on capital allocation like Sarah Friar provided…
Ackman building Berkshire-style compounder at Howard Hughes via insurance float
Transforming HHC from discounted land developer into permanent capital vehicle: reinvest real estate cash flows into insurance float, compound at high returns for 50 years; curren…
Ackman recommends PSUS trading at 18% discount to cash
PSUS holds Pershing's best ideas in permanent capital vehicle charging only 2% fee; historical 27-37x net returns over 22 years; discount to NAV provides margin of safety.