Bill Ackman

…right now. The board has recently hired advisors. I think they're assessing our proposal. And we'll expect to hear back from the company at this point. But it took them, I would say, a few weeks to get set up. So everyone in the room is trying to read the next 12 months, rates, geop olitics, AI, cap excite goal that won't quit. When you look at the market today, what 's the biggest disconnect that you can share between price and reality? I think people-- it's never a comfortable feeling to be in the middle of a war, right? So we have the Iran situation. We have the questions about the impact on energy prices, inflation, what the impact will be on the Federal Reserve. All these things are really related to the outcome of this war. I think our house view is this war is not a many months situation. I think in the weeks, maybe it's a four to six weeks resolution. I think once the war is resolved, there will be a lot more focus on the fundamental drivers of the economy. So you're feeling overall positive on the market sentiment right now? Yes. I think once the cloud of uncertainty lifts, I think there are a lot of very powerful forces driving the economy and ultimately the stock market. And companies are reporting very good earnings. We're still in the middle of earnings. Right. That is true. If you had to put all of your capital into a single asset class for the next decade, excluding your own funds, where would it go and why? It would go in equities. Inequities? I would say liquidity, long term growth…From: this video · 2 claims mined from it

…But 38% of your portfolio right now is in Alphabet, Amazon, and Meta. Why do you believe this magnificent legacy names remain the safest and most undervalued way to play in the AI revolution? I know that's something that you spoke about earlier today. So they're businesses that we've admired for a long time, but they were never cheap enough for us. At least we missed the opportunities when they had moments of cheapness. But I think the market has reacted very negatively to the very large capital expenditures that these companies have committed to, approaching many hundreds of billions of dollars. And I guess investors are concerned about, are they going to earn adequate returns on these investments? And I would say we don't share that concern at all. One, the kind of valuations of the companies have come down significantly. And meanwhile, their growth rates are accelerating. And that's what really creates an opportunity. And we have confidence on the management teams here. When they say that we're earning very, very attractive returns on these investments, it makes sense to us. I mean, it's not clear which frontier model is going to be the winner and whether there will be a winner. So OpenAI was kind of in the lead, and then we had Enthropic and then Enthrop ic seems to be the kind of a lead horse. But one thing's clear, all of these companies require massive amounts of compute. And the cloud is the most scalable, safest place to get access to that kind of compute. And that explains certainly the Amazon…From: this video · 2 claims mined from it