Investment Mogul Bill Ackman: Sells Alphabet to Increase Microsoft Holdings, Bets on AI Infrastructure, Bitcoin and Gold Are Speculation Rather Than Investment

Compiled by: Deep Tide TechFlow

Guest: Bill Ackman, CEO and Founder of Pershing Square Capital Management
Host: Nicole Lapin, Money Rehab
Podcast Source: Money News Network
Original Title: Which Companies Bill Ackman Is Bullish and Bearish on Right Now
Broadcast Date: July 20, 2026
Disclosure Statement: Pershing Square manages approximately $14 billion in assets, concentrated in 11 U.S. stocks, with income derived from management fees and performance incentives. This episode discusses market and individual stock judgments; Ackman himself does not hold Bitcoin or gold. The interview includes promotional content for PSUS (Pershing Square's publicly traded fund).

Key Points Summary {#article-toc-32726-2}

Bill Ackman manages one of Wall Street's most concentrated hedge fund portfolios: $14 billion invested in 11 stocks, with the top five holdings accounting for 78%. In this interview, he revealed several specific moves: he just sold Alphabet and increased his position in Microsoft by $2 billion, betting on the AI infrastructure wave driven by hyperscalers. He didn't make it overly complicated; the core logic can be summed up in a few words: buy predictive companies and earn compound returns. His biggest concern about the market isn't valuation, but rather that highly leveraged players might be forced to flee at some point. Regarding Bitcoin and gold, he stated, "I don't know if it's worth $50,000, $70,000, or $5,000 or $1 trillion, but I don't need to know; investing only requires knowing what you know and what you don't know."

Highlights of Insights {#article-toc-32726-3}

AI is the Main Line, Everything Else is Noise

• "We are at a very special point in history. AI is driving a lot of entrepreneurship, providing a very broad audience with access to intelligence at a very low cost."
• "The biggest companies are competing to build models leading to superintelligence; they are racing to acquire land, build data centers, and fill GPUs. This is a 'land grab.'"
• "I'm not very willing to bet on cutting-edge model companies. Open-source models are getting better, and soon people will be able to access models that can solve most problems at low or no cost."

Every Stock in the Portfolio is Carefully Selected

• "There are some companies we've always wanted to buy but were too expensive before; Amazon, Meta, Uber, and Microsoft are on that list. A lot of capital is chasing 'new things' like semiconductors and memory, going where the money is. We're focused on areas that can compound high returns over the next three to five years."
• "Uber is very cheap now because the market thinks Tesla's self-driving taxis will disrupt it. I believe consumers will still open the Uber app to hail a ride; they want the cheapest and fastest way to get from A to B."
• "Want to know which giant will win? SpaceX is the only place where you can rent 100,000 GPUs, and the returns are extremely high. The only concern is the price; when it reaches a market cap of $6-7 trillion, the imagination space shrinks."

Avoid Bitcoin and Gold Because They Are Speculation

• "Satoshi Nakamoto is a genius. If I had read the white paper when Bitcoin was 20 cents, I might have bought some. But I don't buy it because it doesn't generate income. A business has value because it can generate cash flow in the future; gold and Bitcoin are only worth what someone else is willing to pay. That's not called investing; that's speculation."
• "I've indirectly invested in blockchain companies through some VC funds; I'm technically interested. But trading various coins is not my thing."

The Market's Biggest Fear is Not High Valuations

• "The market is indeed not cheap in some areas, but it doesn't make sense to say the overall PE is high or low. The top companies now, Nvidia, Microsoft, Google, are of much higher quality than the top companies 20 years ago and should enjoy higher valuation multiples."
• "My biggest concern is that there are too many leveraged players in the market. If some external shock occurs, people panic and sell; those who are leveraged will be forced to liquidate, triggering a chain reaction. If you don't use leverage and hold good companies, and you don't need the money tomorrow, a big drop can actually be an opportunity to buy more."
• "Don't borrow money to trade stocks; that's how you get wiped out. Carl Icahn leveraged his own stocks, turning $20 billion into $3-4 billion; even the rich can lose big money."

Don't Play Day Trading Options

• "I don't like the trend of day trading options; it's just gambling. No one can predict whether a stock will go up or down in a day unless you have insider information. It's just a crazy game."

"We Don't Predict the Future, We Just Notice What Others Overlook" {#article-toc-32726-4}

Nicole Lapin: Your actions in 2008 made it seem like you could foresee the future. What did you see?
Bill Ackman: The so-called foresight often comes from carefully studying the present and finding similar cases in history. In the years leading up to 2008, we saw a group of companies doing crazy things: bond insurance companies, holding AAA ratings, as good as government credit, yet going to guarantee high-risk mortgage loans, collecting premiums, and showing profits on their balance sheets. This is unsustainable. It's not about predicting the future; it's about seeing that there are problems now and knowing they will eventually explode.

As for the future, the market will always fluctuate. I don't know what the specific trigger point will be, but there is a massive amount of speculation in the market, with both professional investors and retail investors using a lot of leverage. If I could give you one piece of advice: don't borrow money to trade stocks. Also, don't use the money you need for living expenses to gamble.

How These 11 Stocks Were Selected {#article-toc-32726-5}

Nicole Lapin: Pershing Square only holds 11 to 12 stocks; why so concentrated?
Bill Ackman: We are looking for the best businesses in the world that can withstand the test of time, at least not be disrupted by AI, ideally be beneficiaries of AI.

In our portfolio, there are some companies we've always wanted to buy but were too expensive until recently. Amazon, Meta, Uber, and Microsoft are on that list. A lot of capital is chasing where money has recently been made in the market, like semiconductors and memory, while we are focused on assets that can provide us with high compound returns over the next three to five years.

Brookfield also fits this model perfectly. It does asset management, private equity, real estate, and especially power and energy-related businesses. The wave of data center construction will require a lot of infrastructure, and Brookfield is right in that position. It helps others manage money and collects equity and fees, which is a good business.

Nicole Lapin: You recently bought $2 billion of Microsoft while selling some Alphabet. Does that mean you are no longer optimistic about Alphabet?
Bill Ackman: Two things are important to us: the quality of the business and the price. We want to buy at a price that can provide very attractive returns. Sometimes, when a stock we hold rises to a certain level, the future returns fall below our threshold, and we sell. Selling Google doesn't mean we are pessimistic about it; Google is still an amazing company. It's just that its price reached a point where the subsequent returns are not as good as using that money to buy Microsoft.

Microsoft is currently about $387 per share. If you want to buy Microsoft at $310, you don't need to wait for it to drop to that price; just buy PSUS. PSUS is our managed publicly traded fund, and it is currently trading at a 22% discount to net asset value, which contains Microsoft.

Ackman's Most Optimistic and Pessimistic Views {#article-toc-32726-6}

Nicole Lapin: Let's play a game called "Bullish or Bearish." Gold?
Bill Ackman: No opinion. I don't buy gold, although I have bought jewelry for my wife. My dad bought gold many years ago, probably in the 1970s, and has held onto it. It’s not a good investment. I told him to sell when gold reached over $4,000, and he did. I would rather hold companies that can compound growth.

The problem with gold is that its value is only what someone else is willing to pay, and it doesn't provide any returns. Every asset I invest in generates some form of income: profits, dividends, rent. I only see gold as speculation, not investment.

Nicole Lapin: What about Bitcoin?
Bill Ackman: I don't buy it either. Very similar, just like gold. Satoshi Nakamoto is a genius. If I had read the white paper when Bitcoin was 20 cents, I might have bought some. But I don't know if it's worth $50,000, $70,000, or $5,000 or $1 trillion. The beauty of investing is that you don't need to have an opinion on every category; you just need to know what you know and what you don't know. I don't understand Bitcoin, and I don't understand gold, so I don't touch either.

I've indirectly invested in companies focused on blockchain and crypto through some VC funds; I'm technically interested. But trading various coins is not my thing.

Nicole Lapin: What about Chipotle?
Bill Ackman: One of our most successful investments. We bought in during its food safety crisis and helped recruit Brian Niccol. He later went to Starbucks, and the management team he took over faced some challenges. I think the company is in a good position long-term, but I don't have a strong directional judgment on the current stock price.

Nicole Lapin: Starbucks?
Bill Ackman: There is a very talented CEO running it. But Starbucks has pushed prices to quite high levels for a long time, and I don't think there is much room for further price increases. The consumer experience is also declining, and Brian is trying to bring it back.

Nicole Lapin: U.S. Treasuries?
Bill Ackman: Treasuries are a place to free up money. But if I had to choose, I would prefer to hold high-quality companies long-term rather than Treasuries.

The Risks He Truly Worries About {#article-toc-32726-7}

Nicole Lapin: What is the next crisis? Will there be a second 2008?
Bill Ackman: There is always something to worry about. First, the U.S. government spends more than it collects; we have about $34 trillion in national debt and are continuously issuing bonds to fill the deficit. To make matters worse, the AI infrastructure wave is causing many companies to issue debt financing, leading to a surge in demand for credit, while the government is also issuing more national debt. Such a large supply needs to be absorbed by investors, which could lead to rising interest rates.

The second risk is more lethal: there are too many leveraged players in the market. If some external shock occurs from the side, people panic and sell; those who borrowed money will be forced to liquidate, dragging more people down. Stock prices will drop significantly.

But if you have a non-leveraged portfolio holding a group of high-quality companies, and you don't need that money tomorrow, this is your opportunity to buy more. If you are carrying margin debt, you will be forced to liquidate at the bottom, which is the last thing you want to do.

Warren Buffett's secret is longevity. He designed Berkshire to never be subject to margin calls, so it can compound continuously. We have had years where we gained 30% or 40%, and some years where we lost; this year is slightly down, but that's okay. You don't need to make money every year. What you need is to survive and let good companies continue to compound.

Nicole Lapin: Is the market overall expensive now?
Bill Ackman: Some areas are expensive. But to say the overall market PE is 21, with a historical average of 17, and therefore it's high, doesn't make much sense. Market value depends on future earnings, and earnings have consistently exceeded expectations, growing faster than most historical periods. Moreover, the largest companies by market capitalization now, Nvidia, Microsoft, Google, and Meta, are of much higher quality and faster growth than the top companies 20 years ago, and they should enjoy higher valuation multiples.

If Microsoft, Amazon, and Meta are all cheap, it's hard to say the entire market is expensive.

A Roadmap for Young People {#article-toc-32726-8}

Nicole Lapin: If someone has $1,000 to invest now, what do you suggest?
Bill Ackman: Find a few companies that don't use a lot of leverage, that you like, respect, and whose decisions are always reliable. And you must believe: if the stock market closes tomorrow for ten years, you would still be willing to hold it for ten years.

Don't invest in what seems hottest right now. Invest in what you think can withstand the test of time. The value of a business is the discounted value of all the cash flows it generates; you need to be sure it can last a long time.

Where to start? Actually, as a consumer, you often discover good things earlier than Wall Street. Many of Tesla's earliest shareholders were retail investors; institutions didn't understand how powerful it was. Look at the products and services you admire in your life and think about whether they can withstand competition. Amazon, every time I want to buy a book, I go to Amazon. You may have experienced the pharmacy experience in New York, where everything is locked behind plastic barriers, and you have to find a clerk to unlock it. Amazon delivers in two hours. Who can compete with it?

Nicole Lapin: What do you think about young people playing day trading options every day?
Bill Ackman: It's just gambling. No one knows whether a stock will go up or down in a day. Unless you have insider information.

Nicole Lapin: What is the formula for success?
Bill Ackman: It's all about the basics: show up on time, do a little more than others, keep your promises, and under-promise and over-deliver. If you enter an industry and spend time becoming the most knowledgeable person in that field, you will be noticed.

When I first worked in real estate, I would go to the McGraw Hill bookstore every lunch to read real estate books. That knowledge allowed my peers to take years of experience to learn. In the AI era, you can let AI teach you anything; it's much easier than flipping through books in a bookstore back then.

The workplace winners I've seen are usually not the ones with the highest IQ. They are the ones who are liked by others, trusted by others, do a little more than others, are a bit creative, and never give up. These are things you can have tomorrow. You can't change your IQ, but you can work harder than others, you can be honest; these are all choices.

Don't Gamble Your Future Compounding with Today's Pocket Money {#article-toc-32726-9}

Nicole Lapin: Last question, what advice would you give the audience that can be "directly deposited in the bank"?
Bill Ackman: First, start investing early, saving a little money each month to put into the market. If you don't have time to pick stocks, buy index funds. If you have time, find the best company in the industry. Don't buy high-leverage companies. Buy companies you believe will be much larger in five, ten, or twenty years. Buy companies that are unlikely to be disrupted by "two Stanford graduates tinkering in a garage."

The power of compounding lies in time. Most investors are short-sighted, while long-term players have a significant competitive advantage. Moreover, the government currently only taxes you when you sell, allowing your profits to snowball tax-free. If you can open an IRA or Trump savings account, then compounding is still tax-free.

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