Ackman in Full
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Ackman in Full
“Here is an all-too-brief summary of Buffett’s approach: He looks for what he calls “franchise” companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss,... See more
Benjamin Graham • The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing
Buffett looked at a stock, he was beginning to see not just a frozen snapshot of assets, but a live, ongoing business with a unique set of dynamics and potential.
Roger Lowenstein • Buffett: The Making of an American Capitalist
Aggressive Overbids. The Vision Fund is notorious for offering companies multiples more money at higher valuations than they were planning on raising and threatening to invest in competitors instead if they said no. If a company set out to raise $250 million, Masa asked them what they’d do if they had a billion. This elbowed out other investors and... See more
Packy McCormick • Masa Madness
Pershing Square hunted for a small number of quality companies, period, by assessing qualities such as the leadership skills of a given chief executive. At one point in the discussion, seemingly sensing the interview going off the rails and in search of some commonality, Ackman tried another tack. He gave Dalio a layup, the sort of question asked s
... See moreRob Copeland • The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend
between the summer of 2020 and the spring of 2021, in four rounds of fundraising, they sold roughly 6 percent of the company for $2.3 billion. Roughly one hundred fifty different venture capital firms invested.