insurance, competition going forward, concentrated investing, FLOAT and weak hands, etc. I started to buy psus at 38 so I have a small interest, so far.

" Bill Ackman built a $36B firm by doing what most investors can't: ignore the crowd, make concentrated bets, and buy when everyone else is selling. In this episode of The Holy Grail of Investing, Tony Robbins and Christopher Zook sit down with Bill Ackman, Founder and CEO of Pershing Square Capital Management, for a wide-ranging conversation on contrarian investing, black swan hedging, human progress, and the lessons only 22 years of concentrated, high-conviction investing can teach.

They discuss:
How Pershing Square has compounded capital at 19% annually for 22 years and why concentration, not diversification, is the foundation
The truth behind the "Hell Is Coming" CNBC moment: what Bill actually said, what he was buying, and the media rule he borrowed from Warren Buffett
How a $27MM black swan hedge became $2.6B during COVID, and how Ackman deploys these hedges to buy stocks when everyone else is selling
Why Bill Ackman says incentives drive all human behavior and how Pershing Square's culture is built entirely around that belief
His one piece of advice for building generational wealth: stop chasing FOMO, find the dominant businesses, and do not sell."

YouTube: The Contrarian Playbook That Built a 36 Billion Dollar Empire | Bill Ackman (CAZ Investments)