In this conversation, Bill Ackman moves between a deeply personal medical crisis and the investment philosophy it reinforced. He describes his daughter Lucy’s emergency, gradual recovery, and the systemic weaknesses he sees in long-term brain-injury care. He then examines bubbles, venture investing, AI-driven disruption, Pershing Square’s research process, and the lessons that led him away from short selling. Ackman explains why credibility and permanent capital matter, how Netflix challenged his judgment, and how Howard Hughes could become an insurance-led compounder. He closes with his approach to evaluating leaders, the reputational costs of activism, and his desire to create lasting impact through family, investing, and a brain institute.