Lex Fridman Podcast
#413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech
Bill Ackman
You predict what kind of market share Universal is going to have over time. And you can't get to a precise view of value. You can get to an approximation. And the key is to buy at a price that represents a big discount to that approximation. And that gets back to Ben Graham. Ben Graham was about what he called, he invented this concept of margin of safety.
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