LuigiComandatore

@BillAckman Beautiful

I celebrated my birthday this weekend and I received the most beautiful note I have ever received from a friend. I can't imagine a better birthday gift. It is a deeply personal ode to my father. I share it only because I think it is too beautiful a gift for me to keep for myself and I do so in honor of my father. The scene was an event space where Marcin Patrzałek performed for us. I met @MarcinGuitar on @X. He is an incredible talent. The note came in the form of a WhatsApp text: Dear Bill, Yesterday, while a young prodigy performed before an audience of spellbound spectators—much like one is captivated by a magician with more than one trick up his sleeve—images from a family album flashed across a screen. Adults and children with smiling faces, confident in life, happy to be together. Faces of parents, children, and friends—profiles of happiness and silhouettes of joy. Not a cloud in the sky, just the unfolding of a life blessed by love and closeness, gently swept along by the fresh air of travel, camaraderie, and family gatherings. And in all of this, a constant presence by your side, as if you were inseparable, to the point that one might have wondered who was the shadow of whom: your father. The resemblance between the two of you has grown over time—no doubt the effect of graying hair, but not only that: in both men, the same satisfaction in their eyes, stemming from the fact that they have fulfilled their obligations to their loved ones with courage and determination, and that this justifies saying, without presumption, that they did not come into existence for nothing and that they have even carved out a path that has itself become a road to fulfillment for others. The satisfaction, then, of having lived up to a duty that no one in particular ever demanded of oneself, nor spelled out in so many words, nor described in advance, but which nonetheless haunted the conscience of the human being that one is. It is this duty that gives meaning to existence, but also to that category of Mensch that has often been mentioned in connection with you over the course of this weekend. So, yesterday, on the screen, behind a sort of genius-like, slow-to-mature teenager, capable of transforming a toccata as beautiful as the world into a rock riff of eternal youth, what I saw was this: a mature Mensch, loving to take his wife’s hand in his, leaning gently, kindly, and confidently over a little boy at first, then a teenager, and finally an adult who has become a father in his turn, to tell him without saying it: I am you, my son, and you are me, your father; we are united forever, so that everything I do, you do it, and everything you do, I do it. It was then that I myself understood not only where your self-confidence came from, but where that wild generosity, that tireless desire to do good, that appetite for loving life and blessing its kindnesses, came from. Where your sense of responsibility came from. Where your will to find happiness came from. The fact that your father is gone changes nothing about the fact that he never left, and that he will never leave. Leaving simply meant that he would not only be within you, but that he is you. For a while, gazing at these photos, with a fascination that grew as I noticed the absence of any negativity in them, I asked myself: can one ever recover from the loss of such a father? How can one bear his absence, when the love received was so strong? Even the greatest love one can have for one’s wife and children cannot heal the wound of time passing and taking our most precious affections away from our presence... But no, these questions were wrong: I realized this as the photos scrolled by. This father who was supposed to be absent was very much there, completely there, there as never before; he was right in front of me, in the flesh, in the room. He was wearing a bright blue tuxedo and a crisp white shirt; his gaze was clear, like that of someone who sees far and from afar. I myself had just given him a hug; I had just thanked him for the three days of enchanted wonder he had given to his loved ones. Well, yes, this man and his father were one and the same person, and it was from understanding this that came that indescribable feeling of having accomplished something in his life. In the thanks to everyone for contributing to this success, there were two voices in one. The merging of two voices. It was your father thanking your loved ones for making you who you are. It was you thanking your father for making you who you are. It’s not that you’ve made money, that you’ve become known to strangers, that you have the power to influence the course of events, etc. No, none of that matters much. What matters is that you are now living proof that life always triumphs over death, as Judaism teaches anyone who is willing to listen. Yesterday on the screen, in the close-up faces of a father and son, the psalm of the prophet Hosea shone through: “O death, where is your victory?” Happy 60th, my dearest Bill,

@BillAckman Congratulations!

See you tomorrow.

@BillAckman Congratulations

Today, we announced the launch of the road show for the combined IPO of Pershing Square USA and Pershing Square Inc. You can read the official announcement here: businesswire.com/news/home/2026….   I wrote a letter to explain the combined offering in detail that can be found here: sec.gov/Archives/edgar…   You can review the S-1 here: sec.gov/Archives/edgar…   And the N-2 here: sec.gov/ix?doc=/Archiv… This communication has been made available to you with the consent of Pershing Square USA, Ltd. (“PSUS”) and Pershing Square Inc. (“PSI”). PSUS, a closed-end investment company managed by Pershing Square Capital Management, L.P. (“PSCM”), has filed a registration statement (including a preliminary prospectus available at sec.gov/ix?doc=/Archiv…) on Form N-2 (File Nos. 811-23932; 333-294164) with the Securities and Exchange Commission (the “SEC”) for the initial public offering (the “PSUS IPO”) of its common shares of beneficial interest. PSI, the prospective parent company of PSCM, has filed a registration statement (including a preliminary prospectus available at sec.gov/Archives/edgar…) on Form S-1 (File No. 333-294165) with the SEC for the initial public offering (the “PSI IPO”, and together with the PSUS IPO, the “Combined Offering”) of the common stock of PSI. This presentation relates to the Combined Offering. The registration statements have not yet become effective. Before you invest, you should read the preliminary prospectuses in the registration statements and other documents that PSUS and PSI have filed with the SEC for more complete information about PSUS, PSI and the Combined Offering. Alternatively, copies of the preliminary prospectuses may be obtained from: Citigroup Global Markets Inc., Attention: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9145; UBS Securities LLC, Attention: Equity Syndicate, 11 Madison Avenue, New York, NY 10010, by telephone at (888) 827-7275, or by email at ol-prospectus-request@ubs.com; BofA Securities, Inc., Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255, by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; or Wells Fargo Securities, LLC, Attention: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at (800) 645-3751 (option #5), or by email at WFScustomerservice@wellsfargo.com. Investors are advised to carefully consider the investment objectives, risks, charges and expenses of PSUS before investing.   This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This communication has been distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy or investment product.

@BillAckman @X You’ve already won the most important move , you made it public. The leverage of these claims depends on silence and settlement. You just removed both. Fight it.

I am reaching out to the @X community for advice with the likely risk of sharing TMI. I have been sufficiently upset about the whole matter that I have lost sleep thinking about it and I am hoping that this post will enable me to get this matter off my chest. By way of background, I started a family office called TABLE about 15 years ago and hired a friend who had previously managed a family office, and years earlier, had been my personal accountant. She is someone that I trusted implicitly and consider to be a good person. The office started small, but over the last decade, the number of personnel and the cost of the office grew massively. The growth was entirely on the operational side as the investment team has remained tiny. While my investment portfolio grew substantially, the investments I had made were almost entirely passive and TABLE simply needed to account for them and meet capital calls as they came in. While TABLE purchased additional software and other systems that were supposed to improve productivity, the team kept increasing in size at a rapid rate, and the expenses continued to grow even faster. While I would periodically question the growing expenses and high staff turnover, I stayed uninvolved with the office other than a once-a-year meeting when I briefly reviewed the operations and the financials and determined bonus compensation for the President and the CFO. I spent no time with any of the other employees or the operations. The whole idea behind TABLE was that it would handle everything other than my day job so that I would have more time for my job and my family. Over the last six years, expenses ballooned even further, employee turnover accelerated, and I became concerned that all was not well at TABLE. It was time for me to take a look at what was going on. Nearly four years ago, I recruited my nephew who had recently graduated from Harvard and put him to work at Bremont, a British watchmaker, one of my only active personal investments to figure out the issues at the company and ultimately assist in executing a turnaround. He did a superb job. When he returned from the UK late last year after a few years at Bremont, I asked him to help me figure out what was going on with TABLE. When I explained to TABLE’s president what he would be doing, she became incredibly defensive, which naturally made me more concerned. My nephew went to work by first meeting with each employee to understand their roles at the company and to learn from them what ideas they had on how things could be improved. He got an earful. Our first step in helping to turn around TABLE was a reduction in force including the president and about a third of the team, retaining excellent talent that had been desperate for new leadership. Now here is where I need your advice. All but one of the employees who were terminated acted professionally and were gracious on the way out (excluding the president who had a notice period in her contract, is currently still being paid, and with whom I have not yet had a discussion). The highest compensated terminated employee other than the president, an in-house lawyer (let’s call her Ronda), told us that three months of severance was not enough and demanded two years’ severance despite having worked at the company for only two and one half years. When I learned of Ronda's request for severance, I offered to speak with her to understand what she was thinking, but she refused to do so. A few days ago, we received a threatening letter from a Silicon Valley law firm. In the letter, Ronda’s counsel suggests that her termination is part of longstanding issues of ‘harassment and gender discrimination’ – an interesting claim in light of the fact that Ronda was in charge of workplace compliance – and that her termination was due to: “unlawful, retaliatory, and harmful conduct directed towards her. Both [Ronda] and I [Ronda’s lawyer] have spoken with you about [Ronda’s] view of what a reasonable resolution would include given the circumstances. Thus far, TABLE has refused to provide any substantive response. This letter provides the last opportunity to reach a satisfactory agreement. If we cannot do so, [Ronda] will seek all appropriate relief in a court of competent jurisdiction.” The letter goes on to explain the basis for the “unsafe work environment” claim at TABLE: “In early 2026, Pershing Square’s founder Bill Ackman installed his nephew in an unidentified role at TABLE, Ackman’s family office. [His nephew]—whose only work experience had been for TABLE where he was seconded abroad for the last four years to a UK watch company held by Ackman—began appearing at TABLE’s offices and conducting interviews of employees without a clear explanation of his role or the purposes of these interviews. During this period, he made a series of inappropriate and genderbased [sic] comments to multiple employees that created an unsafe work environment. Among other things, [his nephew] made remarks about female employees’ ages (“Tell me you are nowhere near 40”), physical appearance (“Your body does not look like you have kids”), as well as intrusive questions about family planning and sexual orientation (“Who carried your son? Who will carry your next child?”). These incidents were reported to senior leadership at TABLE and Pershing Square. Rather than being addressed appropriately, the response from senior management reflected, at best, willful blindness to the inappropriateness of [his nephew]’s remarks and, at worst, tacit endorsement.” The above allegations about my nephew had previously been brought to my attention by TABLE’s president when they occurred. When I learned of them, I told the president that I would speak to him directly and encouraged her to arrange for him to get workplace sensitivity training. The president assured me that she would do so. When I spoke to my nephew, he explained what he actually had said and how his actual remarks had been received, not at all as alleged in the legal letter from Ronda’s counsel. I have also spoken to others at the lunch table who confirmed his description of the facts. In any case, he meant no harm, was simply trying to build rapport with other employees, and no one, as far as I understand, was offended. Ironically, Ronda claims in her legal letter that TABLE didn’t take HR compliance seriously, yet Ronda was in charge of HR compliance at TABLE and the person who gave my nephew his workplace sensitivity training after the alleged incidents. In any case, Ronda, as head of compliance, should have kept a record or raised an alarm if indeed there was pervasive harassment or other such problems at the company, and there is no evidence whatsoever that this is true. So why does Ronda believe she can get me to pay her nearly $2 million, i.e., two years of severance, nearly one year of severance for each of her years at the company? Well, here is where some more background would be helpful. Over the last two months, I have been consumed with a major family medical issue – one of my older daughters had a massive brain hemorrhage on February 5th and has since been making progress on her recovery – and I am in the midst of a major transaction for my company which I am executing from a hospital room office next to her . While the latter business matter is publicly known, the details of my daughter’s situation are only known to Ronda because of her role at our family office. Now, let’s get back to the subject at hand. Unfortunately, while New York and many other states have employment-at-will, there has emerged an industry of lawyers who make a living from bringing fake gender, race, LGBTQ and other discrimination employment claims in order to extract larger severance payments for terminated employees, and it needs to stop. The fake claim system succeeds because it costs little to have a lawyer send a threatening letter and nearly all of the lawyers in this field work on contingency so there is no or minimal cash cost to bring a claim. And inevitably, nearly 100% of these claims are settled because the public relations and legal costs of defending them exceed the dollar cost of the settlement. The claims are nearly always settled with a confidentiality agreement where the employee who asserts the fake claims remains anonymous and as a result, there is no reputational cost to bringing false claims. The consequences of this sleazy system (let’s call it ‘the System’) are the increased costs of doing business which is a tax on the economy and society. There are other more serious problems due to the System. Unfortunately, the existence of an industry of plaintiff firms and terminated employees willing to make these claims makes it riskier for companies to hire employees from a protected class, i.e., LGBTQ, seniors, women, people of color etc. because it is that much more reputationally damaging and expensive to be accused of racism, sexism, and/or intolerance for sexual diversity than for firing a white male as juries generally have less sympathy for white males. The System therefore increases the risk of discrimination rather than reducing it, and the people bringing these fake claims are thereby causing enormous harm to the other members of these protected classes. So what happened here? Ronda was vastly overpaid and overqualified for the job that she did at TABLE. She was paid $1.05 million plus benefits last year for her work which was largely comprised of filling out subscription agreements and overseeing an outside law firm on closing passive investments in funds and in private and venture stage companies, some compliance work, and managing the office move from one office to another. She had a very good gig as she was highly paid, only had to go into the office three days a week, and could work from anywhere during the summer. Once my nephew showed up and started to investigate what was going on, she likely concluded that there was a reasonable possibility she would be terminated, as her job was in the too-easy-and-to-good-to-be-true category. The problem was that she was not in a protected class due to her race, age or sexual identity so she had to construct the basis for a claim. While she is female and could in theory bring a gender-based discrimination claim, she reported to the president who is female and to whom she is very close, which makes it difficult for her to bring a harassment claim against her former boss. When my nephew complimented a TABLE employee at lunch about how young she looked – in response to saying she was going to her 40-year-old sister’s birthday party, he said ‘she must be your older sister’ – Ronda immediately reported it to our external HR lawyer. She thereby began building her case. The other problem for Ronda bringing a claim is that she was terminated alongside 30% of other TABLE employees as part of a restructuring so it is very difficult for her to say that she was targeted in her termination or was retaliated against. TABLE is now hiring an external fractional general counsel as that is all the company needs to process the relatively limited amount of legal work we do internally. In short, Ronda was eminently qualified and capable and did her job. She was just too much horsepower for what is largely an administrative legal role so she had to come up with something else to bring a claim. Now Ronda knew I was a good target and it was a good time to bring a claim against me. She also knew that I was under a lot of pressure because on March 4th when Ronda was terminated, my daughter had not yet emerged from consciousness, she was not yet breathing on her own, and my daughter and we were fighting for her life. I was and remain deeply engaged in her recovery while at the same time I was working on finishing the closing for the private placement round for my upcoming IPO. Ronda also knew that publicity about supposed gender discrimination and a “hostile and unsafe work environment” are not things that a CEO of a company about to go public wants to have released into the media. And she may have thought that the nearly $2 million she was asking for would be considered small in the context of the reputational damage a lawsuit could cause, regardless of the fact that two years of severance was an absurd amount for an employee who had only worked at TABLE for 30 months. She also likely considered that I wouldn’t want to embarrass my nephew by dragging him into the klieg lights when her claims emerged publicly. So, in summary, game theory would say that I would certainly settle this case, for why would I risk negative publicity at a time when I was preparing our company to go public and also risk embarrassing my nephew. Notably, she hired a Silicon Valley law firm, rather than a typical NY employment firm. This struck me as interesting as her husband works for one of the most prominent Silicon Valley venture firms whose CEO, I am sure, has no tolerance for these kinds of fake claims that sadly many venture-backed companies also have to deal with. I mention this as I suspect her husband likely has been working with her on the strategy for squeezing me as, in addition to being a computer scientist, he is a game theorist. My only advice for him is to understand more about your opponent before you launch your first move. All of the above said, gender, race, LGBTQ and other such discrimination is a real thing. Many people have been harmed and deserve compensation for this discrimination, and these companies and individuals should be punished for engaging in such behavior. Which brings me to the advice I am seeking from the X community. I am not planning to follow the typical path and settle this ‘claim.’ Rather, I am going to fight this nonsense to the end of the earth in the hope that it inspires other CEOs to do the same so we shut down this despicable behavior that is a large tax on society, employment, and the economy and contributes to workplace discrimination rather than reducing it. Do you agree or disagree that this is the right approach?

They finally used AI to do something worthwhile. Awesome! 👌

Bill Ackman on getting through a high-pressure, stressful, and negative period in your life. I come back to this video often.

@PaternalLegacy Great

26 weapons grade parenting tips: 1/ Give them a "heads up," 5 minutes until bedtime, 10 minutes before leaving the playground 2/ Look at the world more through their eyes 3/ Don’t discipline like an angry madman. Stay calm and firm, model how you want THEM to resolve conflict 4/ Let them argue their case respectfully. Teaches negotiation and critical thinking 5/ Skip the long lectures 6/ Use natural consequences: forgot homework? Let them explain it to the teacher. Forgot their lunch? They'll figure it out 7/ Be consistent and follow through. "We are leaving the playground if you don't stop..." 8/ Make "How can I help?" part of YOUR vocabulary. It builds reliability 9/ Share your unseen efforts: hustling for work, hitting the gym. Actions speak louder than words but when they can’t see it, TELL THEM 10/ Teach accountability by modeling it yourself: “I was wrong. sorry” 11/ Create family traditions like weekly movie nights, Sunday pancakes, whatever works 12/ More game nights 13/ Take an interest in their interests: video games, books, sports... do it with them. 14/ Hike together. Nature slows time and generates gratitude 15/ Build something. LEGO, puzzles, a fort, the Amazon delivery box 16/ Teach them skills: tie knots, start a fire, read a map 17/ Introduce chess or checkers. Start early 18/ Let them plan a family outing or navigate you there (they can get you through the airport) 19/ Always greet your wife with love. That moment sets the tone for the family 20/ Share some challenges (age appropriate) 21/ Respect their privacy. Knock before entering their room 22/ Teach the value of money early: "wants vs. needs," compounding, saving, etc 23/ Let them see you sweat 24/ Teach them to cook. Start small: eggs, pancakes, cookies. Embrace the mess 25/ No screens at meals ever 26/ Prioritize movement as a UNIT: family walks, workouts, hikes, dance-offs- whatever gets the everyone in synch

@BillAckman Ahaha

I was one of my own posts for Halloween. TLDR

"Do not think that what is hard for you to master is humanly impossible; and if it is humanly possible, consider it to be within your reach." — Marcus Aurelius

Nothing is good or bad it just is.

@BillAckman @EPotterMD @UHC Bravo 👍

I just spoke at length to @EPotterMD and I have asked her for all of the supporting documents, emails, call records, etc which she has agreed to provide. I found her and her story totally credible. @UHC has publically called her a liar, and UHC’s general counsel has told my CLO that Dr. Potter is not telling the truth. We have asked UHC to explain with particularity what Dr. Potter has said and/or written that is false. They have yet to respond to this request. I took down my original post on this matter because UHC’s outside counsel told my CLO that I was wrong and that Dr. Potter was not telling the truth. Based on what I have heard so far, I believe that Dr. Potter is telling the truth and that UHC appears to have denied coverage for a necessary post-surgical overnight stay and interfered with a surgeon mid-operation without good reason. They have also threatened the doctor with defamation and significant financial liabilities. And they have complained to the @SECGov about me. I await UHC’s side of the story and supporting facts before I can conclusively form a view on what has happened here. In the meantime, I have told Dr. Potter that I will cover her legal expenses to defend her from UHC’s claims, and to make sure that she has proper representation so that this is a fair fight. Stay tuned. This should be interesting. And there is a possibility that good will come from this. Healthcare and our insurance system is in trouble and needs a reboot.

Elon Musk: We should pass the Great Filters, or eventually we will disappear. “It's worth reading about the Fermi paradox, because people have thought very hard about this. One of the things is maybe there are these Great Filters, and the civilizations don't pass these Filters. One of the Filters is do we become a multiplanet species or not? If we do not become a multiplanet species, then eventually, at some point, something will happen to the planet. Either it will be man-made, or it will be something natural, like a meteor, like whatever killed the dinosaurs, for example. And then, eventually, the Sun will actually expand and will destroy all life on Earth. So, if one cares about life on Earth at all, we should care about becoming a multiplanet species and eventually going out there and becoming a multistellar species and having many star systems. We want the exciting parts of science fiction to not be fiction forever. We want to make them real!” Rome, Italy, December 23, 2023

@elonmuskADO Yes

As Carl Jung put it, "Man needs difficulties. They are necessary for health." Yet most people instinctually avoid pain. This is true whether we are talking about building the body (e.g., weight lifting) or the mind (e.g., frustration, mental struggle, embarrassment, shame)--and especially true when people confront the harsh reality of their own imperfections. #principleoftheday

Never ever give up.

.@lexfridman on @BusinessInsider: More to come shortly…

Congratulations to Alex and Rob and Lexicon for this great film ✨