Bill Ackman, founder of Pershing Square Capital Management, describes Israel as a place where talent and resilience outweigh geopolitical uncertainty, a country that could produce a trillion-dollar company in the years ahead. “It is as if Silicon Valley were spread across the entire U.S. The mistake that Israelis make is selling their companies too soon. But I believe this is changing and we will see a trillion-dollar company coming out of Israel,” he said at EY Israel’s Journey Conference, speaking with Rich Handler, CEO of Jefferies Group.
Despite regional threats and recent violence, Ackman remains optimistic about Israel’s trajectory. “After the surprise of 7.10, Israel made an incredible turnaround in the Middle East and dealt with threats such as the Iranian missile attacks, which is something that everyone looks at today with amazement. All of these are reasons for optimism.”
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Bill Ackman (right) and Rich Handler.
(Photo: Yariv Katz)
Ackman explained his decision to invest in the Tel Aviv Stock Exchange, which he described as more symbolic than strategically significant for his fund. “After 7/10, my wife and I were looking for a way to help, and everything was philanthropy. And I always say that philanthropy is great, but capital is better. The stock exchange is too small an investment for me, but I wanted to do it out of support for Israel. We’ll never sell, and I want to participate in the future of Israel.”
Ackman reflected on how he approaches setbacks in business and life. “The key to success is how you deal with failure. I have formulated a system that works for me, a personal cumulative calculation. You do not see it immediately, but only over time and as long as you believe in it, you will succeed.”
He noted that mistakes are inevitable, but repetition is not. “I always say that I will be the one who makes the most mistakes in the company. The problem is not in making a mistake, but in repeating it.”
Pershing Square operates with just 40 employees, whom Ackman likens to a “small group of marines where everyone is important.” He stressed that culture matters as much as skill. “Even our secretaries have been working for us for more than seven years. We have an amazing chef, there’s a gym, there’s someone who handles all the employees’ medical issues. I personally intervene if there is a family issue for one of the employees.”
Ackman discussed his father, who died in 2022. “He was a great person, tough, different from what is accepted today. He taught me a lot about work and business. He always told me not to work for others because they will never pay what you are worth.”
His father also pressed him to recognize anti-Semitism. “He always told me, ‘You’re not doing enough to deal with anti-Semitism,’ and I told him that there is no more anti-Semitism in the U.S. He passed away in May 2022, and before he died, he said it again. 7/10 was bad in Israel, but 8/10 was bad in the U.S. because I found out what people in the U.S. think.”
Ackman said that one positive outcome of October 7 was the unification of Jewish communities worldwide. “One of my ways of dealing with challenges is to find something good in every problem, and the good thing that came out of 7/10 is the unification of Jewish communities around the world. One of the things that is important to me in this visit is also to improve Israel’s public relations in the world.”