The harsh words, the great losses, and the parting of ways signal the end of one of the great one-way romances in Wall Street history that stood between Bill Ackman and Warren Buffett, it is said. Yes, the former, like so many others, adored the latter; Yes, Buffett's timeless wisdom was the turning point in Ackman's career. But all things must come to an end, and it seemed that the Omaha Oracle was of use to the 11th Avenue asshole.
In fact, Ackman seems to believe that Buffett's loss of relevance is more broadly mirrored for him. What is needed is a new oracle America can turn to in its time of need. And if Buffett isn't going to be that man, Ackman believes he's his rightful successor.
"We believe that the next few months will unfortunately be tragic and very difficult for the world, and especially for our country," said Ackman at a quarterly earnings call in Pershing Square on Thursday. "We basically have a 9/11 every day."
Ackman told investors that he is "happy to be long" in terms of stock exposure and is "bullish" in 2021 when interest rates are low, more incentives and infrastructure spending are expected. While generally optimistic, the investor said it would be “prudent” to insure his portfolio now amid a series of uncertainties that could lead to market volatility.
Do you think this is just a pawn from a man who (sometimes) likes to hear himself talk, and not making a serious effort to put on the mantle of the capitalist sage? Explain how to pick out a page from Buffett's playbook that doesn't appear to be all-time.
Bidding began on Thursday at the Charitybuzz auction site and offered the highest bidder and a guest the opportunity to meet the billionaire activist's investor over lunch – either virtually through a platform like Zoom, or in person “when both parties deem it appropriate to have one face-to-face meeting "- to" discuss the world of finance, "according to the website.
"I'll make sure the person is worth it," Ackman said on a phone call to Yahoo Finance.
Even so, Ack had to wait a long time before he reached Buffett status in the Charity Lunch Index.
Canada-based entrepreneur and investor Andrew Wilkinson, the CEO of tech holding Tiny, spent $ 57,700 on lunch with Ackman in 2018. Last year's auction raised $ 75,000, but lunch with the winner didn't happen yet because of the coronavirus pandemic.
Ackman of Pershing Square "bullish" in 2021 (Reuters)
Bill Ackman is bullish on stocks for 2021 but has a hedging position for a "tragic" end to 2020 (CNBC Pro)
Bill Ackman is auctioning off a lunch and promises to be worth it (Yahoo! Finance)