3.2万字｜潘兴广场比尔·阿克曼最有价值的一场对话，深谈价值投资、核心战役以及如何从人生谷底“爬坑”……

Core Insights - The article discusses the journey of Bill Ackman, highlighting his significant losses and subsequent recovery in the investment world, particularly through his hedge fund, Pershing Square Capital Management [1][2][4]. Group 1: Investment Philosophy - Ackman emphasizes the importance of understanding the difference between "price" and "value," stating that the stock market serves to provide prices that investors can choose to accept or ignore [8][9][10]. - The essence of investing is to build a model that predicts the cash flows a company can generate over its lifecycle, which is more complex for stocks compared to bonds [17][22][23]. Group 2: Performance Metrics - Since its inception in 2004, Pershing Square has achieved a cumulative return of over 22 times, with an annualized return of approximately 15.9%, significantly outperforming the S&P 500 index [4]. - In the past five years, the fund has delivered a cumulative return of about 130%, with an annualized return of around 22.8% [4]. Group 3: Notable Strategies and Actions - Ackman is known for his activist investment strategies, including high-profile battles such as the one with Herbalife, which is described as one of the most dramatic confrontations in financial history [4][5]. - Recently, Ackman has aimed to transform Howard Hughes Corporation into a "mini Berkshire Hathaway," viewing this initiative as a pivotal point in his career [5].