This morning @BillAckman is conducting a combined IPO of Pershing Square USA and Pershing Square Inc. There will be lots of debate about his companies, his funds, and their future performance. The talking heads will speculate on which assets investors should buy. But there are two things I have taken away from watching Bill build his businesses in public over the years: 1) Never give up — Bill has had some epic wins, along with a number of nasty and very public losses. (Herbalife, the Icahn debate on CNBC, etc) Most people would have quit or slithered into the shadows. That isn't what he did though. He famously returned to the basics, found great investment opportunities, and produced returns for his investors. Persistence is a superpower. 2) Always speak up — Bill is wealthy. He could have a great life and a lot less headaches if he stayed quiet about various social and political topics. People wouldn't attack him online. The media wouldn't write hit pieces. Bill could simply collect his fees, play tennis with his friends, and ride into the sunset with an ungodly amount of money. But that has not been his approach. Bill has consistently spoken out about the things he cares about, including student safety on college campuses, New York City governance, how our police and firemen are treated, various heroic actions by everyday American citizens, and national politics. I will leave the financial evaluation of Pershing Square and the various entities to others, but it is cool to see Bill getting his day on the grand stage. Not many people would have gone through what he did and come out the other side in such great shape.(Anthony Pompliano 🌪)