The Opportunities Bill Ackman Sees

Where the Sizable Returns Come From

I’ve long been a student of Warren Buffett’s value investing: Margin of Safety -

You want to buy a company at a price that if you’re wrong about what you think it’s worth and it turns out to be worth 30% less, you paid a deep enough discount to your estimate that you’re still okay.

If you’ve read my past essays, you know I’ve written extensively about him (Reading Warren Buffett’s Annual Letters to Berkshire Hathaway Shareholders: 2011–2020, Life Lessons I…