Subject: Re: O/t, Bill Ackman this morning
...they grabbed it as a 'once-in-their-career opportunity,' but today's world is very different from the one they have experienced up until now.

The word "experienced" might be a big part of it. Nobody under age 60 has lived through materially high inflation in the US. Year-on-year headline CPI hasn't been over 6.3% since mid 1982, and you'd probably have to have been at least 19 years old to have noticed inflation numbers. I would imagine the great majority of global asset allocators are under age 60, especially the active ones that set marginal prices.

Jim