Ackman, Rubenstein on Markets, Money and More

Ackman’s approach to investment:

1. Simple and predictable
2. Free cash flow generative
3. Dominant market position
4. Large barriers to entry
5. High return on capital
6. Limited exposure to extrinsic risks we can’t control
7. Strong balance sheet and don’t need access to outside capital to survive
8. Excellent management and good governance