What Bill Ackman Bought

EPISODE 426: “Customer tennis.”

You may have noticed that we like following the money.

This trail actually takes us from the U.S. Open in New York City, for a minute, and back to the great state of Rhode Island.

Where, last year, an absurd professional tennis match at the Hall of Fame Open — a small but dignified tournament in Newport — was underway.

Three of the four players on the court: elite professional tennis players. Bernard Tomic and Omar Jasika on one side, the recently retired Jack Sock on the other. All of them still in their late twenties or early thirties.

But the fourth player — Jack Sock’s partner — was a guy named Bill Ackman.

And Bill Ackman, age 59, had never played professional tennis before.

Which makes all 67 minutes of this match inexplicable.

Until you realize that Bill Ackman also happens to be a hedge fund manager worth 11.7 billion dollars.

And that he, in several key ways, is not alone.

YOUTUBE SPOILER ALERT:

Thanks,

Pablo

P.S. You can now watch us over on Apple Podcasts (!)