ClaimsPeople

Bill Ackman

Bill Ackman is a hedge fund manager and the founder and CEO of Pershing Square Capital Management, which has a fund listed on Euronext Amsterdam.

865 claims collected, 272 researched, 99 resolved. Report of 4 November 2026, method 0.1.0+c876030c.

Scores by kind of claim

Each kind of claim is scored on its own, out of 100: the share that held up, with the range it likely falls in. Fewer resolved claims give a wider range.

  • Factual claims

    Statements about the present or the past, checked against the record: did they hold up?

    76 70 81

    High confidence, 82 factual claims resolved. From 16 documents, 2011 to 2026; 19 documents sampled from 36 candidates found.

    Not scored: 48 unresolvable, 28 checkable only against their own records.

  • Predictions

    Statements about events outside the person's control, checked once they fell due: did they come true?

    68 54 82

    Low confidence, 14 predictions resolved. From 7 documents, 2014 to 2024; 19 documents sampled from 36 candidates found.

    Not scored: 81 unresolvable. 8 more fall due later.

    Does not yet allow for how likely each prediction was when made.

  • Promises

    Commitments to the person's or organisation's own future action, with something to deliver: was it delivered?

    Insufficient record: 3 promises resolved, 5 needed for a score.

    Not scored: 6 unresolvable, 1 not yet due, 1 checkable only against their own records.

All types combined: 74 (likely 69 to 80, high confidence), from 96 claims: 82 factual claims, 14 predictions. It mixes kinds of claim in different proportions for different people, so compare people kind by kind.

Bill Ackman's claims

865 claims, sorted by newest said. Choose a claim to read it in full.
VerdictKindSaidClaimTopic
Not checkable Not checkable 12 Aug 2026 We carefully follow, track, and update our library as we patiently wait for our target (TGT) companies to become available at valuations… Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 Investors in Pershing Square, L.P. from its January 1, 2004 inception, transferred to PSH on December 31, 2012, have earned a 15.6% compound annual return (26x) over nearly 23 years, versus 11.0% (11x) for the S&P 500. Factual · 12 Aug 2026 Their own work or organisation
Not checkable Not checkable 12 Aug 2026 Over a very long period - say the full lifespan of a business - the investment returns from owning a company's shares should approximately… Not checkable · 12 Aug 2026
Unresolvable Prediction 12 Aug 2026 Ackman says "we are confident" that perpetual futures hold little if any appeal for institutional investors, who he says drive over about 95% of ICE's trading volume. Prediction · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Alcon is the world's leading ophthalmology company, with a dominant position in surgical vision and strong positions in vision care and contact lenses. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 If Vantage achieves our goal of achieving a long-term return on equity of 20% or more Not checkable · 12 Aug 2026
Not yet due Prediction 12 Aug 2026 Pershing Square believes Alcon's mid-term revenue growth target of 6%-8% remains credible. Prediction · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 Our strong preference is for PSH's shares to trade at or around intrinsic value for which we believe PSH's NAV per share is a conservative… Not checkable · 12 Aug 2026
Own records only Factual 12 Aug 2026 Pershing Square's portfolio companies trade at 19 times its estimate of current earnings per share. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 The latter is a decisive risk management advantage over perps venues Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 Valuation is increasingly disconnected from its fundamentals. Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 In our view, time reallocated toward short-form video is far more likely to come from share donors like linear TV or lower-quality… Not checkable · 12 Aug 2026
Own records only Factual 12 Aug 2026 Pershing Square estimates ICE's more competitive lines, consolidated feeds and fixed income reference data, are only a single-digit percentage of FIDS segment revenue and a de minimis share of enterprise revenue. Factual · 12 Aug 2026 Economics and markets
Not yet due Prediction 12 Aug 2026 Ackman stated that "we expect" Meta to grow earnings at a rate of 20% or more over the next few years, following 2026's elevated investment. Prediction · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 In our view, Visa and Mastercard are among the highest-quality businesses in the world. Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 PSH's discount to NAV is near its all-time widest level. Factual · 12 Aug 2026 Their own work or organisation
Unresolvable Prediction 12 Aug 2026 Restaurant Brands (QSR) high-single-digit operating profit growth, leverage and buybacks should deliver a mid-teens total return. Prediction · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 In summary, in ICE we see a classic, simple, predictable, free-cash-flow-generative business that has sold off on concerns we view as… Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 We attribute this to investor concerns around stablecoin disruption, agentic commerce, and proposed U.S. regulation, each of which we… Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 AWS revenue growth accelerated from 20% in 2024 and 2025 to more than 30% in 2026. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 Indices is a high-margin royalty on equity market appreciation and continued active-to-passive flows. Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 We accept the volatility of earnings multiples associated with macro events and market flows on the valuation of our portfolio companies. Not checkable · 12 Aug 2026
Unresolvable Prediction 12 Aug 2026 Agentic commerce is more likely to expand the payments ecosystem than to erode the card networks' moats. Prediction · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Market conditions that lowered 2026 year-to-date share prices of some Pershing Square holdings let it acquire shares in six new businesses. Factual · 12 Aug 2026 Their own work or organisation
Not checkable Not checkable 12 Aug 2026 When stock prices get dislocated in the short term, the tether stretches and eventually stock prices revert to fair values. Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 While the share price performance of our portfolio companies has been highly volatile year-to-date, their underlying business progress… Not checkable · 12 Aug 2026
Unresolvable Prediction 12 Aug 2026 Bill Ackman stated a belief that a favorable macro backdrop and powerful secular tailwinds should enable ICE to achieve low-to-mid-teens earnings growth, which, combined with a multiple re-rating toward year-ago levels, creates the potential for an annualized stock return in the mid-20s%. Prediction · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Netflix cash content spend has grown at about 2% annually since 2021 and EBIT margins have expanded from 21% to approximately 31.5%. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 S&P Global has embraced MCP connectors to power LLM workflows. Factual · 12 Aug 2026 Technology
Mostly false Factual 12 Aug 2026 U.S. mortgage origination volumes are still about 50% below long-term averages. Factual · 12 Aug 2026 Economics and markets
Own records only Factual 12 Aug 2026 Brookfield Corporation trades at 14 times Pershing Square's earnings estimate. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 We believe the company's current valuation multiple represents a substantial discount for a business with such a strong growth profile and… Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 Semiconductors and tech hardware and equipment, 8% of S&P 500 companies and 22% of its market cap, contributed nearly 85% of the index's 2026 year-to-date gains. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 S&P Global's valuation declined from 25 to 19 times earnings per share, its lowest in the previous five years. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 We view AURN001 as an underappreciated call option that could become a growth and margin tailwind. Not checkable · 12 Aug 2026
Unresolvable Factual 12 Aug 2026 ICE is the global benchmark for Brent crude futures with about 90% market share, with higher pricing power, growth and margins than externally cleared products. Factual · 12 Aug 2026 Economics and markets
Own records only Factual 12 Aug 2026 S&P Global's Capital IQ represents less than 7% of the company's total revenue and an even smaller percentage of total profits. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 We are fortunate in that the current market backdrop has created a highly attractive environment for Pershing Square to deploy capital into… Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 We seek to purchase our target companies at share prices that incorporate a margin of safety so that even if our estimates for the… Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 ICE shares fell 21% in the year before Pershing Square's purchase as its multiple compressed from 25 to 17 times EPS, near a record low. Factual · 12 Aug 2026 Economics and markets
Mostly true Factual 12 Aug 2026 Over the last five years, ICE's Exchanges segment grew revenue 8% and profits 10% annually, with margins expanding to 75%. Factual · 12 Aug 2026 Economics and markets
Own records only Factual 12 Aug 2026 S&P Global Ratings' customers' estimated annual interest savings are roughly three times the one-time upfront fee on a new debt issuance. Factual · 12 Aug 2026 Economics and markets
Unresolvable Prediction 12 Aug 2026 Bill Ackman's side said that, if they are correct that Vantage can earn significantly higher returns on capital than HHH's historical real estate business by putting HHH's excess real estate cash flows into insurance, they expect Vantage to become the substantial majority of HHH's business over the coming years. Prediction · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 we believe our current portfolio is highly attractive in terms of business quality and prospective earnings growth and is therefore… Not checkable · 12 Aug 2026
Not yet due Promise 12 Aug 2026 Pershing Square intends to deploy the substantial majority of the $2.5-3 billion of excess cash flow expected from Howard Hughes' real estate operations over the next three to five years into its insurance operations. Promise · 12 Aug 2026 Their own work or organisation
Unresolvable Prediction 12 Aug 2026 Pershing Square estimates that its projected investment returns will be higher than returns implied by its portfolio companies' underlying EPS growth. Prediction · 12 Aug 2026 Their own work or organisation
Unresolvable Prediction 12 Aug 2026 Pershing Square says its current holdings trade at discounted multiples significantly below where it expects them to trade over the intermediate and long term. Prediction · 12 Aug 2026 Economics and markets
Unresolvable Prediction 12 Aug 2026 The Trump administration will have ample time to deliver on its Fannie Mae and Freddie Mac promises, and the shares will be worth many times today's prices once it does. Prediction · 12 Aug 2026 AI policy and governance
Not yet due Prediction 12 Aug 2026 Pershing Square estimates that its portfolio companies have an average prospective annual EPS growth rate of about 20% over the next three to five years. Prediction · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 PSH's year-to-date NAV return as of August 11, 2026 was -4.3%, versus +13.7% for the S&P 500. Factual · 12 Aug 2026 Their own work or organisation
Not researched Factual 12 Aug 2026 Uber trades at 19 times earnings, near its lowest-ever valuation. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Uber's earnings are on pace to grow approximately 35% in 2026. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Alcon recently authorized a new $1.5 billion share repurchase program. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 ICE's Fixed Income & Data Services and Mortgage Technology segments have profit margins of 45% and 41% respectively. Factual · 12 Aug 2026 Economics and markets
Not yet due Prediction 12 Aug 2026 The letter states an expectation that each of its current portfolio companies will grow EPS at an annual rate of 15% or more over the next three to five years, with about half expected to achieve EPS growth of 20% or more over the same period. Prediction · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 The careful selection of a portfolio of high-quality businesses that we expect will continue to generate high levels of earnings growth… Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 Netflix has since effectively won the streaming wars. Not checkable · 12 Aug 2026
Mostly true Factual 12 Aug 2026 Howard Hughes' acquisition of Vantage and recruitment of Marc and David underpin its transformation from a pure-play real-estate business into an insurance-focused holding company. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 In the short term, the impact of a reduction in a company's P/E multiple can easily overwhelm the positive impact of a company's earnings… Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 Global debt issuance is currently benefiting from tailwinds including AI capex, rising M&A volumes, refinancing walls of COVID-era debt in 2027 and 2028, and infrastructure needs. Factual · 12 Aug 2026 Economics and markets
Unresolvable Prediction 12 Aug 2026 Pershing Square expects its six new investments to be material contributors to its future investment performance. Prediction · 12 Aug 2026 Their own work or organisation
Resolved true Factual 12 Aug 2026 Pershing Square recently made new investments in Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange and Alcon. Factual · 12 Aug 2026 Their own work or organisation
Not researched Factual 12 Aug 2026 ICE has delivered an 18% annualized return since its 2005 IPO and 15% annual EPS growth since 2006, with EPS growing in each of the last nineteen years. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 We are on it. Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 There is no guarantee we will be correct in our assessments of their future growth potential, and our estimates are inherently imprecise. Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 Each of SPGI's benchmark franchises is a high-margin, IP licensing business with a formidable competitive moat inside an oligopolistic… Not checkable · 12 Aug 2026
Unresolvable Prediction 12 Aug 2026 The statement says that AI may eventually exert price or volume pressure on a relatively small percentage of S&P Global's Market Intelligence revenues, and expresses the belief that this will be offset by growing demand for high-quality proprietary and curated data. Prediction · 12 Aug 2026 AI, the economy and work
Unresolvable Prediction 12 Aug 2026 The statement says the speaker's side believes Amazon can compound earnings at a 20%-plus rate longer term. Prediction · 12 Aug 2026 Economics and markets
Own records only Factual 12 Aug 2026 Over the prior two decades Pershing Square has built a library of hundreds of businesses that meet its core investment principles. Factual · 12 Aug 2026 Their own work or organisation
Not researched Factual 12 Aug 2026 Vantage was purchased at an effective multiple of 1.4 times its book value. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 We believe M365's deep embeddedness in daily workflows, superior price-to-value proposition and proprietary Copilot AI agent make it far… Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 ICE's Exchanges segment generates nearly 70% of its earnings, anchored by an energy franchise with revenues more than 2.5 times those of its next-largest competitor. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Pershing Square recently established an investment in Intercontinental Exchange, a business it has followed for nearly a decade. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Pershing Square Holdings' NAV return in H1 2026 was -12.6%, versus +10.2% for the S&P 500. Factual · 12 Aug 2026 Their own work or organisation
Not checkable Not checkable 12 Aug 2026 By investing in businesses that have higher rates of sustainable earnings growth, we can achieve high levels of investment returns without… Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 The S&P 500 rose about 10% in the first six months of 2026, with nearly all gains from two sectors supplying AI infrastructure. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Through the cycle, S&P Global Ratings has averaged 7% revenue growth, comprising 4% debt issuance growth and 3% pricing. Factual · 12 Aug 2026 Economics and markets
Not researched Factual 12 Aug 2026 Bill Ackman said that "our" opportunity to invest in S&P Global arose amid concerns of AI disintermediation of the company's data offerings and workflow and analytics products, including Capital IQ. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 In the short term, stock prices are often, and sometimes materially, disconnected - either favorably or unfavorably - from intrinsic values. Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 The statement estimates that Indices generates over 70% of its profits from ownership of the S&P 500 trademark, and describes the S&P 500 as the dominant global equity benchmark with over $20 trillion of assets indexed to or benchmarked against it. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 12 Aug 2026 Collectively, S&P's benchmark businesses have formidable competitive positions and attractive growth prospects, with next to no AI… Not checkable · 12 Aug 2026
Not checkable Not checkable 12 Aug 2026 Despite the name, a perp is most economically akin to a total return swap that never expires. Not checkable · 12 Aug 2026
Not researched Factual 12 Aug 2026 Brookfield has immaterial exposure to private credit and software risks and has outperformed peers year-to-date in 2026. Factual · 12 Aug 2026 Economics and markets
Not checkable Not checkable 30 Mar 2026 Some of the highest quality businesses in the world are trading at extremely cheap prices. Not checkable · 30 Mar 2026
Unresolvable Prediction 30 Mar 2026 The war, which Ackman described as one of the most one-sided in history, will end well for the U.S. and the world. Prediction · 30 Mar 2026 Other global risks
Not checkable Not checkable 30 Mar 2026 Ignore the bears. Not checkable · 30 Mar 2026
Not checkable Not checkable 30 Mar 2026 One of the best times in a long time to buy quality. Not checkable · 30 Mar 2026
Not checkable Not checkable 29 Mar 2026 By far the best piece I have read on U.S. strategic options in Iran. Not checkable · 29 Mar 2026
Not checkable Not checkable 26 Mar 2026 Very good questions for @Harvard that deserve answers. Not checkable · 26 Mar 2026
Not checkable Not checkable 24 Mar 2026 .@GovPritzker you owe this man and his family an apology. Not checkable · 24 Mar 2026
Not checkable Not checkable 22 Mar 2026 Now that you have the time, Mr. President, let’s Stop the Steal! Not checkable · 22 Mar 2026
Resolved true Factual 22 Mar 2026 Treasury's 2012 change to the Fannie and Freddie senior preferred stock terms was a unilateral amendment, not a negotiated resolution with the companies. Factual · 22 Mar 2026 Economics and markets
Unresolvable Factual 22 Mar 2026 Fannie Mae and Freddie Mac shareholders are not seeking a gift or handout from the government. Factual · 22 Mar 2026 Economics and markets
Not checkable Not checkable 22 Mar 2026 The NWS was not a ‘settlement’ for a lesser amount of future payments. It was the outright theft of the forever profits of both companies. Not checkable · 22 Mar 2026
Unresolvable Factual 22 Mar 2026 The treatment of Fannie and Freddie in conservatorship explains why Silicon Valley Bank and other large bank failures since the GFC could not raise private capital and avoid government intervention or a forced sale to J.P. Morgan. Factual · 22 Mar 2026 Economics and markets
Unresolvable Factual 22 Mar 2026 The GFC bailout terms for Fannie Mae and Freddie Mac had a higher interest rate and substantially more warrant coverage than those of every other financial institution except AIG. Factual · 22 Mar 2026 Economics and markets
Unresolvable Factual 22 Mar 2026 Fannie Mae and Freddie Mac shareholders have not asked for an extra $25 billion to be returned to the two companies. Factual · 22 Mar 2026 Economics and markets
Not checkable Not checkable 22 Mar 2026 I couldn’t have said it better than President Trump. Not checkable · 22 Mar 2026
Not checkable Not checkable 21 Mar 2026 Politicians should not be able to shut down our country’s critical infrastructure in an attempt to achieve a political outcome. Not checkable · 21 Mar 2026
Not checkable Not checkable 20 Mar 2026 I couldn’t have said it better myself. Not checkable · 20 Mar 2026
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Bill Ackman

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“We carefully follow, track, and update our library as we patiently wait for our target (TGT) companies to become available at valuations below our estimates of their intrinsic values, which enables us to move quickly to establish new investments when the price is right.”

Bill Ackman 12 August 2026 Pershing Square H1 2026 Letter To Shareholders (Seeking Alpha)

We carefully follow, track, and update our library as we patiently wait for our target (TGT) companies to become available at valuations…

Not checkable An opinion, value judgement or statement with nothing to check.

Cite this claim

Bill Ackman, “We carefully follow, track, and update our library as we patiently wait for our target (TGT) companies to become available at valuations…” (said 12 August 2026). Verdict: not checkable. Reliability API, claim c_3ca26ad265e8, method 0.1.0+c876030c. https://epistacklabs.com/claims/c_3ca26ad265e8

Claims without a verdict

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