What key lesson led you to avoid activist campaigns in controlled corporate structures?
Replied byBill Ackman
Founder & CEO at Pershing Square Capital Management
Niche: Finance
Revenue: Not Publicly Disclosed/month
Location: New York City, New York, United States
Started: 2004
Investing in controlled companies where operational change is desperately needed almost always yields poor outcomes. A controlling shareholder represents an insurmountable obstacle to reform. If that owner holds divergent economic interests, an entrenched emotional perspective, or an insular agenda, outside investors cannot compel necessary governance changes regardless of analytical rigor.
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