STEPHANIE RUHLE, HOST: Bill Ackman (Trades, Portfolio), would you have guessed it, he is just a laugh riot over here? Bill, you just left the stage. You were sitting down with Ray Dalio (Trades, Portfolio). And for me watching two iconic investors sort of go through their investment practice was extraordinary. What did you learn from Ray?
BILL ACKMAN, FOUNDER, CEO, PERSHING SQUARE CAPITAL: I learned a lot. I mean I really didn’t know how he did what he does. I’m sure I completely understand at this point. But remarkable how he’s built his company and his organization and his approach. And I (INAUDIBLE)…
RUHLE: Did you have a single take-away that’s going to impact you?
ACKMAN: Well, his point was much of what we do can be systematized, and you can write a program to do it. That was his sort of argument. I don’t think that’s — I think that’s — maybe there’s some element of truth to that.
RUHLE: It’s the opposite of what you do.
ACKMAN: It very much is the opposite in that he is all about what he’s (INAUDIBLE) almost artificial intelligence, a series of rules based on history and analysis of investment situations that guide his allocation of capital. And I found it fascinating.
RUHLE: But not anything you would replicate?
ACKMAN: No. No. We do very few things. We do one or two things a year, so it can be much more handcrafted. It’s almost like we’re old-fashioned investors and he’s the new — the new new thing.
RUHLE: Well, let’s talk about what you’re doing. Let’s start with the WebEx. Someone from Pershing Square is now on the Zoetis board.
ACKMAN: Yes.
RUHLE: How is that going?
ACKMAN: That’s going great. So Bill Doyle from our team joined the board. Bill is, you know, Billy was in the health care business. He was at J&J for a meaningful period of time. And we’ve had a very nice relationship with Zoetis and the board. And I think the board and management share all the same goals we have and to make this, you know, a more valuable, more profitable company. And I think they’ve done a very good job since the company was spun-off. And I think there’s a lot of potential.
RUHLE: Where do you think they should be making cost cuts?
ACKMAN: You know, it — rather than — I would say this is a business that was owned by Pfizer. It was spun-off and had to become an independent public company. It’s more about, you know, building a culture and — and running a business. But, you know, I’m limited in what I can say now that we’re on the board.
RUHLE: Did you support their acquisition of Abbott Laboratories Animal Health products?
ACKMAN: You know, I don’t know the details on the acquisition, but it sounded strategically like it could make sense.
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