(0:00) Bill Ackman joins the show! (0:30) Evolving investment philosophy: What's changed over 20 years? (4:40) AI: Greatest time to build a business, and a major threat to portfolios (7:50) Predicting market moves, the "rubber band effect" (16:00) Owning founder-led companies (19:30) Building the next Berkshire Hathaway Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. https://www.ey.com/en_us/insights/ai/agentic-ai-token-costs?WT.mc_id=3501318&AA.tsrc=sponsorship [https://www.ey.com/en_us/insights/ai/agentic-ai-token-costs?WT.mc_id=3501318&AA.tsrc=sponsorship] NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. https://www.nyse.com [https://www.nyse.com] Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. https://www.plaud.ai [https://www.plaud.ai] Follow Bill Ackman: https://x.com/BillAckman [https://x.com/BillAckman] Apply for Summit 2026: ⁠https://allin.com/events⁠ Follow the besties: ⁠https://x.com/chamath⁠ ⁠https://x.com/Jason⁠ ⁠https://x.com/DavidSacks⁠ ⁠https://x.com/friedberg⁠ Follow on X: ⁠https://x.com/theallinpod⁠ Follow on Instagram: ⁠https://www.instagram.com/theallinpod⁠ Follow on TikTok: ⁠https://www.tiktok.com/@theallinpod⁠ Follow on LinkedIn: ⁠https://www.linkedin.com/company/allinpod⁠ Intro Music Credit: ⁠https://rb.gy/tppkzl⁠ ⁠https://x.com/yung_spielburg