Bill Ackman cites his best investments, praises Elon Musk, and warns against following conventional wisdom. Here are his best 6 quotes.
turned $27 million into $2.6 billion by betting that the coronavirus pandemic would tank the stock market in 2020.)
3."Each of these investments were met with extreme skepticism at the time they were made. In each case, we were the naive ones when we made these investments. We were not bankruptcy investors, experts in bond insurers or credit default swaps, nor did we know anything about viruses or pandemics." 4."I have learned from experience that the experts, the government, and conventional wisdom are often wrong. 'Inflation is transitory.' 'C19 did not escape from the Wuhan lab.' 'Ukraine will fall in less than a week.' 'Its not possible because it hasn't been done before or because it hasn't happened before.'"
5."It is often the outlier with no experience in a field that challenges the status quo, that makes the important discovery, that has the unique insight, or creates the transformational innovation. Elon Musk was not an expert in payments, electric cars or rockets. The 'experts' were at Visa, GM and NASA."
6."When you are part of the establishment, it is hard to challenge the conventional wisdom. You are incentivized not to. And when your economic livelihood can be threatened by an alternative point of view or a new innovation, you are less likely to believe it or its viability."
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