Keith Snyder

Don't tell me the US government is inefficient when we managed to lose the Civil War and the Cold War at the same time.

@rightresponsem Or maybe the reason they don't like you is you're a douchebag.

The young men are waking up. Women will learn to have a quiet and gentle spirit, or they will learn to be alone. Deus Vult.

@BillAckman No, you're just an imbecile.

Skeptics are attempting to discredit my views by making the case that I am conflicted or otherwise vulnerable to tariffs, a market crash or a correction, or that I have somehow positioned our portfolio to benefit from my recommended 90-day pause on the implementation of reciprocal tariffs. So for the record: 1. Neither I nor Pershing Square have any margin leverage or any other instrument or arrangement which will create liquidity issues for me or the funds we manage if the market crashes. None. We don’t use margin. Never have. Never will. 2. We have substantial cash on hand ready to be deployed from the recent sale of a large investment. 3. We have only one investment, Nike 3-year call options, that is directly affected by the tariffs, a position that represents 1.5% of our portfolio. 4. Unlike other asset managers, our capital base is more than 90% permanent so we are not exposed to redemptions from investors. 5. We own some of the greatest businesses in the world, which have durable growth models and extremely dominant franchises. 6. Our companies are well-capitalized, and to the extent they have debt, they have long-term, laddered maturities. All of the above said, we don’t short stocks and we have no hedges in place that would protect us from a self-inflicted market crash as we are long only. We will suffer mark-to-market losses if the market crashes, but we will not be sellers in a declining market. We will be buyers of great businesses at highly discounted prices which will benefit us and our investors over the long term. And our companies will likely be buying back their own shares which will increase their per-share, intrinsic values over the long term. Over the long term, we are exposed to the health of our country and its economy. This is my only investment ‘conflict’ if you want to call it that. I am one of the most fortunate people in the world for many reasons. With good fortune, I have an enormous responsibility to help our country and our citizens, and we have made substantial progress over the last 76 days. I don’t want to see a lot of progress get thrown out due to an unforced error. Those that did not vote for @realDonaldTrump want to see him fail and are rooting for a market crash, recession or worse so they can feel righteous in how they cast their vote. I have a lot of respect for our president and what he has accomplished so far, but I don’t think he is infallible, which is why I am stating loud and clear that I strongly believe launching tariffs on April 9th against the entire world — massively in excess of what we are being charged — is a mistake. The right answer in my view is a 90-day pause to give the president time to carefully and strategically resolve our historically unfair global trading position. That’s my view. Feel free to ignore it and unfollow me if you don’t like it or don’t care what I think.

@BillAckman @realDonaldTrump You fucking idiot.

The formula used by the administration to calculate tariffs made other nations’ tariffs appear four times larger than they actually are. President @realDonaldTrump is not an economist and therefore relies on his advisors to do these calculations so he can determine policy. The global economy is being taken down because of bad math. This short piece by @AEI explains it succinctly. A must read. The President’s advisors need to acknowledge their error before April 9th and make a course correction before the President makes a big mistake based on bad math.

@Geiger_Capital No it's not.

I won’t delete this tweet because I am a man of honor but, yes… I was wrong on the tariffs in November. He has indeed put blanket tariffs on every country. Trump 2.0 is very different.

@JDVance You can't even sustain not acting like an utter asshole for a few minutes.

“Which we can clearly sustain indefinitely.”

Putin censored queer "content" in Russian schools, then expanded it to criminalize any mention of queer people a minor could see, then expanded that to criminalize any queer content entirely this year. I'll stop calling this a slippery slope when they stop pushing us down it.