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Welcome everyone. 
Thank you for joining in this 

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video. 
I think you're going to enjoy it

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because I'm going to be 
revealing the secrets of how 

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Bill Ackman pick stocks. 
Now, why do we look at how Bill 

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Ackman pick stocks? 
Well, first of all, he's been on

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kind of a roll lately. 
He's picked out a lot of 

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companies that have outperformed
the market by huge extent for 

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the past 45 years, he has Market
beating returns and he's doing 

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this pretty consistently. 
So I wanted to see how is he 

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picking stocks? 
When does he know? 

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Tobias doc, when is he going to 
jump in? 

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What is his process for doing 
this? 

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Now we can look at him, try to 
explain it. 

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But I don't think this gives a 
full picture. 

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Here is Bill ackman's, view on 
how he pick stocks. 

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This is the checklist that he 
talks about. 

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That's a we look for very high 
quality businesses. 

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What we describe as simple 
predictable, free cash flow 

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generative, dominant businesses,
a business that Warren Buffett 

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would describe as having a moat 
around it, right? 

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If you, that's what he says, we 
look for these simple 

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predictable. 
Cash flow generative, dominant 

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businesses. 
That Warren Buffett would 

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describe as having a moat around
it. 

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Now to me, that's a little bit 
of like, weird spaghetti. 

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He's just spitting out a bunch 
of investment Guru, talk, having

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a mo, having dominant 
businesses. 

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It's free cash flow generative, 
right. 

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Not much. 
That's actually substance. 

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They're not much that we can 
filter by you can't type in with

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the screener. 
I want to dominate free cash 

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flow generated business. 
That has a wide moat like Warren

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Buffett would want right? 
That's not something that we can

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put into a screener. 
So what is Bill? 

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Blackman, actually doing to pick
a stock because what he says 

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he's doing an interview, an 
interview format is a lot of 

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Flowery language. 
That's really not that 

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actionable. 
And what I want to do in this 

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video is reverse-engineer how 
Bill Ackman. 

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Looks at stocks how he picks 
them and how he knows when to 

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buy them. 
So, by the end of this video, 

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you'll know how Bill Ackman, 
both pick stocks, the criteria, 

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he looks at and how he knows 
when to buy. 

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Mm, will answer both of those 
questions in this video. 

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Now, the way, Have determined 
his stock-picking checklist is 

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through something called reverse
engineering, which simply means 

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that I look at the outcome, the 
companies that he has and I use 

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logic and deduction and 
reasoning and process of 

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elimination to determine how he 
got to that outcome. 

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How? 
He gets these type of stocks in 

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his portfolio and the reason 
behind it, let's go ahead and 

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look for some commonalities in 
his portfolio will start off 

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with lows. 
If we go to call term insights, 

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this is a tool available to all 
patrons, we can type in the 

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ticker symbol of lows and we can
see it pop up here. 

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The first thing that I know 
about Lowe's is this is his 

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biggest position. 
It's 24 percent of its 

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portfolio, so he's very heavy 
into lows and he's held this one

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for a while. 
Lowe's has a good brand name so 

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it has good brand value. 
It is a company that's widely 

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known. 
It has a big market cap, so he's

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not looking for Niche. 
Unknown small market cap 

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companies. 
The next thing that I look at is

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that it has growing revenues 
over time. 

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Lowe's is a growing company that
also has what's called secular 

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growth, which means that it has 
a long Runway of growth. 

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The type of things that loads 
does is not going out of style 

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doing home projects, and 
Renovations. 

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That's going to be a secular 
growth trend for a very long 

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time. 
Lowe's has positive and growing 

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ibadah. 
This is a proxy for earnings 

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Lowe's, has positive and growing
free cash flow. 

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Another proxy for earnings and 
then we have lows net income, 

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which is also positive and 
growing. 

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So we're just taking an Here. 
Bill Ackman invested in a 

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company that has good brand. 
Value has growing revenues 

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positive growing ibadah, free 
cash flow net income. 

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If we go over to the balance 
sheet, we can see that it does 

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have debt. 
So we know that Bill Ackman is 

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okay. 
Investing in a company that has 

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a decent amount of debt, 24 
billion dollars. 

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So he doesn't just rule out a 
company because it has above 

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zero debt, Louis has six point 
six billion dollars in cash so 

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they do have more debt than 
cash. 

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Another thing that we can look 
at is Lowe's has a growing 

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dividend. 
So, this is a dividend Here and 

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it's been growing steadily over 
a long period of time. 

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This is very fast dividend 
growth. 

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On top of that, loes is also 
doing share Buybacks. 

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In fact, this company is 
devouring. 

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Their shares outstanding back in
2017 early 2017, they had eight 

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hundred and sixty-six million 
shares their last quarter. 

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They had 686 million. 
So they are buying back hundreds

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of millions of shares over the 
past few years and the effect 

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this has on the stock is When 
you reduce the amount of shares 

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outstanding, it helps the 
earnings per share increase. 

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So you can look at the earnings 
per share of this company. 

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Not only, are they growing their
net income but they're also 

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reducing the shares outstanding,
which both help increase the 

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earnings per share, which you 
can see is definitely happening 

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with lows. 
So just to summarize his biggest

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position. 
Good brand value, Revenue, 

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growth ibadah, that's positive 
free cash, flow. 

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That's positive. 
Net income, that's positive. 

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He has some debt hair so he 
doesn't mind. 

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Debt on the balance sheet 
growing. 

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And and lots of share BuyBacks 
and a trend of growing earnings 

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per share. 
Now let's go ahead and move on. 

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And look at his second biggest 
holding, which is Hilton. 

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This is 18% of its portfolio 
just behind lows. 

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And keep in mind what we're 
looking for, here are 

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commonalities, we're looking for
common themes so we can deduce 

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how he picks stocks, what type 
of factors he looks at we can 

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type in Hilton here. 
Should bring it right up Hilton.

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The first thing that I know is 
that it has Brand value. 

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People will pick sting in a 
Hilton over some random hotel 

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that they don't have any 
experience with, but it's also a

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big company market cap of 40 
billion. 

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The revenue has been growing 
over time prior to the pandemic.

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So my guess is he was looking 
for a growing company but the 

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pandemic happened and that kind 
of threw the plan off a bit, but

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you can see that prior prior to 
covid prior to 2020. 

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The revenues were growing over 
time. 

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You can see the same thing with 
the ibadah. 

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It had about a growth then the 
pandemic happen. 

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So I give this one a little bit 
of a pass. 

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The ibadah has recovered. 
The free cash flow. 

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We can see a very similar thing 
with the free cash flow. 

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It was growing prior to covid, 
then that happened. 

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Now, it's recovering. 
So we see the same Trend here 

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between Hilton and lows, they 
have Revenue growth. 

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You have even a growth free, 
cash flow growth, net income 

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growth, they also both have 
debt. 

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So both of them have on the 
balance sheet, they have less 

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cash than debt. 
So he's okay. 

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Investing in companies with a 
lot of debt Hilton differs in 

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that, it doesn't currently pay a
dividend. 

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It's the same though. 
And that it's doing. 

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Share BuyBacks. 
Remember Lowe's is aggressively 

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buying back. 
Their stock Hilton has been 

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doing that over the past five 
years. 

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Look at the share count, 
decreasing. 

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We can also look at the earnings
per share as Hilton buys back 

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their own shares using free cash
flow and their net income. 

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The earnings per share will 
generally go up. 

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You can see that this was So, 
dampen though with covid, but 

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again, it's recovering and it's 
going back up. 

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So overall, I do see a lot of 
similarities here. 

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Both companies have the revenue 
ibadah free cash flow, net 

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income. 
Both of them are doing share 

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BuyBacks. 
Both of them are growing their 

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earnings per share. 
Let's go ahead and move on to 

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the next one. 
And look for any commonalities. 

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We'll look at Chipotle. 
We can type in CMD here for 

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Chipotle. 
Chipotle is another big company.

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Well, known so far. 
He has invested in, no unknown 

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companies or small cap. 
Companies, all of these are very

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large. 
Well-known companies. 

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Chipotle does have like the 
others growing revenue. 

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And their revenue is growing 
very quickly. 

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Chipotle also has positive and 
growing ibadah. 

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They have positive and growing 
free cash flow. 

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They have positive and growing 
net income. 

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Check. 
Check. 

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Check the exact same as Hilton 
the exact same as lows. 

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They have no debt. 
So, so far, Bill. 

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Ackman is invested in companies 
that both have a lot of debt and

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ones that have no debt. 
Seems like, he doesn't concern 

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himself too much with the DET as
long as it's manageable, all of 

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these companies have manageable 
debt and chipotle does have a 

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billion dollars in cash on the 
balance sheet, they pay no 

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dividend. 
So he doesn't have a 

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requirement. 
That the company pays a 

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dividend. 
They are. 

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However, just like the previous 
two doing, share BuyBacks over 

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time. 
You can see the share count 

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going down over the past five 
years. 

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So I think that Bill Ackman 
likes companies that either pay 

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a dividend or do share BuyBacks,
or preferably both. 

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But we can also look at the 
earnings per share, like the 

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other companies. 
Generally speaking, this is 

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going up and right now the 
earnings per share is going up 

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quite fast. 
So again, all the similarities, 

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their revenue growth, ibadah 
growth free, cash flow growth, 

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net, income growth, and share 
BuyBacks. 

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Those are all similarities along
with having the brand value of 

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an established company. 
Moving on to the next one. 

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We have restaurant Brands, 
International ticker, symbol Q 

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Sr Q. 
Sr is another company. 

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First of all, that's food. 
So, he seems to like the 

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restaurants, but it's also a 
well, recognized brand. 

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They have Brands like Burger 
That just like Chipotle everyone

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knows about everyone knows what 
they're getting and I do think 

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they have substantial brand 
value. 

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But again, we look at the 
commonalities here and you can 

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see them. 
The revenue is growing over 

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time, the ibadah was growing 
prior to covid and that set them

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back a bit but it seems like 
it's recovering. 

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And generally growing over time,
the free cash flow likewise is 

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growing over time. 
All of these are positive. 

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The net income is pretty 
consistent as well. 

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It did take a hit during the 
pandemic and it seems to be 

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recovering. 
Covering. 

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So again all the companies he's 
invested in have growing 

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revenues every company so far 
has positive, ibadah free cash 

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flow, net income, and many of 
them have debt. 

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One of them doesn't have debt. 
Q Sr has twelve point nine 

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billion dollars in debt. 
So this is a company that has a 

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lot of debt. 
No other way around it, he's 

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okay. 
Investing in companies that have

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quite a bit of debt. 
This does however, pay a very 

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good dividend, so they have a 
growing and substantial 

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dividend. 
In fact, if we look at the 

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dividend yield, it's currently 
three. 

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Point seven percent, so they 
don't have share BuyBacks. 

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This one differs from the other 
notice, the only one so far. 

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That's not actively doing, share
BuyBacks, but it's paying a 

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substantial dividend. 
So you might be looking at this 

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and saying, well, they got to 
return money, one, way or the 

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other through dividends or share
BuyBacks. 

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It'd be good if they did both 
but he's probably looking at 

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this one and seeing that they do
a substantial dividend and then 

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like all the others it's growing
its earnings per share over 

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time. 
So to summarize so far just has 

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to keep a tally every company. 
So far is a big company, good 

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brand value recognizable names, 
they have growing Revenue, 

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positive ibadah, free cash flow,
net income and growing earnings 

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per share over time and so far, 
the majority of them are doing 

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share BuyBacks or dividends now.
The next one is kind of a 

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00:10:35,600 --> 00:10:37,500
one-off which is Howard Hughes 
Corp. 

231
00:10:37,500 --> 00:10:39,600
I'm not going to look at this 
one because it's a real estate 

232
00:10:39,600 --> 00:10:42,500
play, which all the fundamentals
are completely different and 

233
00:10:42,500 --> 00:10:44,700
they have completely different 
leverage, ratios and stuff. 

234
00:10:45,000 --> 00:10:47,500
So I'm going to skip this one 
and look at Domino's Pizza. 

235
00:10:47,900 --> 00:10:50,300
It's the next big by that, he's 
done is portfolio. 

236
00:10:50,400 --> 00:10:53,100
It makes up ten point nine, five
percent of his portfolio. 

237
00:10:53,300 --> 00:10:56,900
I look at Domino's and see many 
of the exact same attributes 

238
00:10:57,100 --> 00:11:00,000
dominoes of course has Brand 
value people, recognize the 

239
00:11:00,000 --> 00:11:01,400
brand, they know what they're 
getting. 

240
00:11:01,400 --> 00:11:04,900
When they buy dominoes and all 
the same things you would expect

241
00:11:04,900 --> 00:11:08,100
growing revenues every single 
company, so far has growing 

242
00:11:08,100 --> 00:11:11,900
revenues positive ibadah free, 
cash flow and net income and all

243
00:11:11,900 --> 00:11:15,600
of them are growing over time. 
So far, every single company has

244
00:11:15,600 --> 00:11:17,700
those four things growing 
revenues? 

245
00:11:17,800 --> 00:11:19,700
Positive ibadah free cash flow. 
Net income. 

246
00:11:20,200 --> 00:11:23,400
Domino's does have a lot of debt
so this is very common among 

247
00:11:23,400 --> 00:11:25,300
Bill Ackman Holdings. 
He's okay. 

248
00:11:25,300 --> 00:11:28,400
Investing in companies that have
a decent amount of debt. 

249
00:11:28,400 --> 00:11:32,200
In fact, Domino's has five 
billion dollars of debt and only

250
00:11:32,200 --> 00:11:35,900
148 million dollars in cash. 
It's a heavily indebted company 

251
00:11:36,200 --> 00:11:37,300
and he's okay. 
With that. 

252
00:11:37,600 --> 00:11:40,800
Domino's also has a 
substantially growing dividend 

253
00:11:40,800 --> 00:11:43,000
over time. 
This chart looks a little funny 

254
00:11:43,000 --> 00:11:46,000
because of these two special 
dividends but if we go back to 

255
00:11:46,000 --> 00:11:50,700
2013, it had Twenty Cent 
dividend per quarter and now has

256
00:11:50,700 --> 00:11:54,600
a dollar and Ten Cent dividend 
per quarter so they've over 5x 

257
00:11:54,600 --> 00:11:57,500
their dividend over like the 
past nine years that is 

258
00:11:57,500 --> 00:12:01,000
substantial dividend growth. 
So a lot of the companies that 

259
00:12:01,000 --> 00:12:05,300
we invest in also pay dividend 
they all every one of them have 

260
00:12:05,300 --> 00:12:07,600
growing earnings per share over 
time. 

261
00:12:07,900 --> 00:12:10,000
That's something that every 
single company he's invested in 

262
00:12:10,000 --> 00:12:13,200
so far has and the huge majority
of them all of them. 

263
00:12:13,200 --> 00:12:16,200
But one so far has a declining 
Share account. 

264
00:12:16,300 --> 00:12:19,500
So I think he's looking for 
Knees that are devouring their 

265
00:12:19,500 --> 00:12:21,800
shares outstanding. 
They're lowering the share count

266
00:12:21,800 --> 00:12:24,700
over time and Domino's is 
certainly one of the companies 

267
00:12:24,700 --> 00:12:26,900
doing this. 
So again, if we're just keeping 

268
00:12:26,900 --> 00:12:30,100
track, every company is a big 
company with good brand value 

269
00:12:30,200 --> 00:12:33,000
growing Revenue Z but a free 
cash flow net income. 

270
00:12:33,300 --> 00:12:36,600
Some of them pay dividend, some 
of them don't, but most of them 

271
00:12:36,600 --> 00:12:39,900
either pay a large dividend. 
Or they devour their shares 

272
00:12:39,900 --> 00:12:42,000
outstanding by doing share 
BuyBacks. 

273
00:12:42,300 --> 00:12:45,200
They do one of those two things.
So, we're looking at all the 

274
00:12:45,200 --> 00:12:49,100
commonalities here we can look 
at the next Which is Canadian 

275
00:12:49,100 --> 00:12:51,300
Pacific Railway. 
This one's a little bit 

276
00:12:51,300 --> 00:12:54,300
different than the others so we 
can type in CP to bring up this 

277
00:12:54,300 --> 00:12:56,700
one. 
If we look at Brand value, I 

278
00:12:56,700 --> 00:12:59,400
don't know if brand value is the
most important thing with the 

279
00:12:59,500 --> 00:13:02,200
railway it might be. 
But I think that this is more of

280
00:13:02,200 --> 00:13:05,000
an industrial where it's going 
to be used whether or not it has

281
00:13:05,000 --> 00:13:07,500
Brand value or not. 
So that's something that might 

282
00:13:07,500 --> 00:13:09,200
be similar. 
Let's go ahead and look at some 

283
00:13:09,200 --> 00:13:12,400
of the fundamentals here. 
It has growing Revenue over 

284
00:13:12,400 --> 00:13:14,500
time. 
You can see year-over-year it's 

285
00:13:14,500 --> 00:13:18,200
growing. 
It has positive ibadah A free 

286
00:13:18,200 --> 00:13:21,600
cash flow positive, net income, 
all of those are growing over 

287
00:13:21,600 --> 00:13:23,000
time. 
Bill Ackman. 

288
00:13:23,100 --> 00:13:26,000
Certainly looks at those 
attributes because every single 

289
00:13:26,000 --> 00:13:28,100
company without fail has had 
them. 

290
00:13:28,200 --> 00:13:29,900
Their balance sheet, looks very 
similar. 

291
00:13:30,000 --> 00:13:32,100
They also have quite a bit of 
debt, it looks like they 

292
00:13:32,100 --> 00:13:35,200
recently took out more debt 
maybe to fund some acquisition 

293
00:13:35,200 --> 00:13:38,700
but they currently have 21 
billion dollars of debt and they

294
00:13:38,700 --> 00:13:42,300
currently have a very low amount
of cash, 70 million dollars in 

295
00:13:42,300 --> 00:13:45,100
cash. 
So this company's okay being 

296
00:13:45,100 --> 00:13:47,500
levered and Bill Ackman is 
obviously okay, with their 

297
00:13:47,500 --> 00:13:50,300
current Balance sheet. 
If we look at the dividends 

298
00:13:50,700 --> 00:13:53,300
much, like every other company 
they have a growing dividend 

299
00:13:53,300 --> 00:13:55,100
over time. 
The only reason that it's 

300
00:13:55,100 --> 00:13:58,900
lowered is because they did a 
stock split so otherwise the 

301
00:13:58,900 --> 00:14:01,000
dividend would be going up the 
entire time. 

302
00:14:01,600 --> 00:14:04,500
If we look at the earnings per 
share, just like every other 

303
00:14:04,500 --> 00:14:07,300
company over the past five 
years. 

304
00:14:07,300 --> 00:14:10,900
Before this asset, that was sold
their earnings per share is 

305
00:14:10,900 --> 00:14:13,900
growing consistently and this is
a brand-new holding for Bill, 

306
00:14:13,900 --> 00:14:15,400
Ackman. 
And then the last thing that we 

307
00:14:15,400 --> 00:14:18,100
can look at is the shares 
outstanding before the Sox 

308
00:14:18,100 --> 00:14:19,500
split. 
You could see that they were 

309
00:14:19,500 --> 00:14:22,800
also doing share BuyBacks. 
This is very consistent amongst 

310
00:14:22,800 --> 00:14:26,700
every company in 2017. 
They had 146 million shares 

311
00:14:26,700 --> 00:14:30,400
outstanding and they bought back
all the way to 133. 

312
00:14:30,500 --> 00:14:32,800
So they were doing some share 
BuyBacks as well. 

313
00:14:32,900 --> 00:14:35,200
So when I look over all these 
companies they all have 

314
00:14:35,200 --> 00:14:37,300
similarities. 
The last one that I want to go 

315
00:14:37,300 --> 00:14:40,800
into is one that seemingly very 
different but we know it's a new

316
00:14:40,800 --> 00:14:43,100
holding of bill ackman's which 
is Netflix. 

317
00:14:43,200 --> 00:14:46,500
Now we're looking at Netflix 
here now your first assumption. 

318
00:14:46,700 --> 00:14:49,300
Maybe that Netflix. 
Is kind of out of left field, 

319
00:14:49,300 --> 00:14:52,100
being a tech company. 
This streaming company, amidst, 

320
00:14:52,100 --> 00:14:54,800
all these restaurants and, you 
know, these other companies 

321
00:14:54,800 --> 00:14:58,400
investing in, but Netflix, I 
think is actually more similar 

322
00:14:58,400 --> 00:15:00,100
to the rest of its Holdings and 
different. 

323
00:15:00,300 --> 00:15:02,800
When you actually look at the 
business fundamentals, you 

324
00:15:02,800 --> 00:15:07,200
realize how similar Netflix is? 
For example, Netflix is a big 

325
00:15:07,200 --> 00:15:10,200
established company like every 
other one that he invest in has 

326
00:15:10,200 --> 00:15:13,300
a high market cap, it's a brand 
that everyone knows. 

327
00:15:13,300 --> 00:15:15,300
Everyone knows what Burger King 
is. 

328
00:15:15,600 --> 00:15:19,500
Everyone knows what Chipotle is.
Knows what loza's and everyone 

329
00:15:19,500 --> 00:15:22,000
knows what Netflix is. 
They all have strong brand 

330
00:15:22,000 --> 00:15:23,800
value. 
None of these companies are 

331
00:15:23,800 --> 00:15:26,600
unknown companies that nobody 
knows about Netflix. 

332
00:15:26,600 --> 00:15:30,900
Also, just like the rest of them
has growing revenues over time. 

333
00:15:31,200 --> 00:15:34,900
It has growing ibadah over time,
it's very consistently growing. 

334
00:15:35,300 --> 00:15:38,000
Now Netflix is a little bit 
different in the way that they 

335
00:15:38,000 --> 00:15:40,400
amateur eyes. 
Their content cost makes it so 

336
00:15:40,400 --> 00:15:43,000
that their ibadah is far 
different than their free cash 

337
00:15:43,000 --> 00:15:45,000
flow in. 
This is where there is a 

338
00:15:45,008 --> 00:15:49,200
Divergence so far every company 
he's Invested in has had 

339
00:15:49,200 --> 00:15:51,400
positive history of free cash 
flow. 

340
00:15:51,700 --> 00:15:55,400
Netflix is the only one to have 
- free cash flow in its history.

341
00:15:55,800 --> 00:15:58,300
But an important thing to keep 
in mind is investors like Bill. 

342
00:15:58,300 --> 00:16:01,300
Ackman are investing for the 
future, not the past. 

343
00:16:01,500 --> 00:16:05,000
And Netflix has said this year, 
they will have positive free 

344
00:16:05,000 --> 00:16:07,800
cash flow and they'll have it 
every year going forward. 

345
00:16:08,200 --> 00:16:11,900
So as of right now, Netflix is 
transitioning and has 

346
00:16:11,900 --> 00:16:14,800
transitioned to a free cash flow
positive company. 

347
00:16:15,100 --> 00:16:18,300
So, if you ask Bill Ackman about
this, he probably Considers 

348
00:16:18,300 --> 00:16:21,100
Netflix a company that will 
generate considerable amounts of

349
00:16:21,100 --> 00:16:24,700
free cash flow in the future and
net income is obviously positive

350
00:16:24,700 --> 00:16:26,700
as well. 
It's growing over time as well. 

351
00:16:27,100 --> 00:16:30,800
So again if you actually compare
Netflix in the qualities they 

352
00:16:30,800 --> 00:16:33,700
look very similar to every other
holding in his portfolio 

353
00:16:34,100 --> 00:16:37,000
big-name, good brand value 
growing revenues, growing 

354
00:16:37,000 --> 00:16:41,100
ibadah, free cash flow positive 
now going forward positive, net 

355
00:16:41,100 --> 00:16:43,600
income. 
It does have debt like many of 

356
00:16:43,608 --> 00:16:45,000
his other companies. 
He's okay. 

357
00:16:45,000 --> 00:16:46,600
Investing in companies that have
debt. 

358
00:16:46,900 --> 00:16:49,000
It's declining. 
Over time as they're not funding

359
00:16:49,000 --> 00:16:50,400
their business through debt 
anymore. 

360
00:16:50,800 --> 00:16:54,500
They have cash on hand of 6.03 
billion. 

361
00:16:54,800 --> 00:16:57,500
They don't pay a dividend that's
not a requirement. 

362
00:16:57,900 --> 00:17:00,500
They have positive earnings per 
share growth. 

363
00:17:00,700 --> 00:17:03,100
This is beyond just a positive 
EPS Trend. 

364
00:17:03,300 --> 00:17:06,200
It's kind of an explosion of of 
earnings growth over the past 

365
00:17:06,200 --> 00:17:08,000
couple of years. 
And then the last thing is that 

366
00:17:08,000 --> 00:17:11,500
Netflix is a company that again 
is different from the rest of 

367
00:17:11,500 --> 00:17:15,000
them in that it has a history of
share dilution not share 

368
00:17:15,000 --> 00:17:17,700
BuyBacks Bill, Ackman very much 
prefer. 

369
00:17:17,800 --> 00:17:21,000
Companies that are doing, share,
BuyBacks and dividends and so 

370
00:17:21,000 --> 00:17:23,900
far Netflix pays no dividend and
it looks like the company's 

371
00:17:23,900 --> 00:17:26,300
diluting shareholders, but keep 
in mind. 

372
00:17:26,300 --> 00:17:29,600
Again, Netflix is now free cash 
flow positive. 

373
00:17:29,900 --> 00:17:33,600
This chart starting this year is
going to start declining. 

374
00:17:33,800 --> 00:17:35,600
They will start doing share 
BuyBacks. 

375
00:17:35,800 --> 00:17:37,600
The management team has already 
said that. 

376
00:17:37,600 --> 00:17:40,000
So if you're buying a Netflix 
right now, like Bill Ackman is 

377
00:17:40,100 --> 00:17:42,700
you are buying a company that 
will be doing share BuyBacks. 

378
00:17:43,000 --> 00:17:45,800
So when I look over all these 
companies, I see a lot of the 

379
00:17:45,800 --> 00:17:49,400
same commonalities. 
I use deductive reasoning to try

380
00:17:49,400 --> 00:17:51,600
to figure out how Bill Ackman 
pick stocks. 

381
00:17:51,900 --> 00:17:54,400
We can even look at recent 
Holdings, for instance, 

382
00:17:54,600 --> 00:17:56,600
Starbucks. 
This is one that you just 

383
00:17:56,600 --> 00:18:00,300
recently sold to by Domino's 
Pizza, but it has very much 

384
00:18:00,300 --> 00:18:03,700
similar characteristics. 
Great brand value, big company. 

385
00:18:03,700 --> 00:18:07,100
That's well established growing 
revenues ibadah free cash flow. 

386
00:18:07,100 --> 00:18:11,100
Net income has some debt on hand
has less cash very similar to 

387
00:18:11,100 --> 00:18:14,400
every other company. 
Pays a growing dividend is doing

388
00:18:14,400 --> 00:18:17,400
lots of share BuyBacks, and it's
growing, its earnings per share 

389
00:18:17,500 --> 00:18:19,700
over. 
Time, check, check, check, 

390
00:18:19,700 --> 00:18:20,300
check. 
Check. 

391
00:18:20,400 --> 00:18:23,400
Everything is the exact same as 
all the other companies that he 

392
00:18:23,400 --> 00:18:25,700
holds. 
So, when I look over this and I 

393
00:18:25,708 --> 00:18:29,100
try to use deductive reasoning 
and reverse engineering to 

394
00:18:29,100 --> 00:18:32,100
finalize a checklist of what 
Bill Ackman looks at. 

395
00:18:32,400 --> 00:18:34,900
This is what I come up with, and
I hope you appreciate me putting

396
00:18:34,900 --> 00:18:36,900
this together. 
Took a little bit of time, but I

397
00:18:36,900 --> 00:18:38,200
think this really does summarize
it. 

398
00:18:38,200 --> 00:18:40,200
So let's go ahead and go through
it. 

399
00:18:40,300 --> 00:18:43,200
Every company that he buys has 
significant brand value. 

400
00:18:43,500 --> 00:18:47,200
They are not unknown companies, 
every single one, you name them,

401
00:18:47,300 --> 00:18:49,700
they have brand value brand 
value means that they have 

402
00:18:49,700 --> 00:18:51,700
customer loyalty, customer 
trust. 

403
00:18:51,900 --> 00:18:55,000
They have flexibility with 
pricing power and a bunch of 

404
00:18:55,000 --> 00:18:58,800
other positive attributes. 
Every one of them is in secular 

405
00:18:58,800 --> 00:19:01,900
growth, all the companies had 
growing revenues, not a single 

406
00:19:01,900 --> 00:19:04,700
one, had declining revenues. 
You can look at the hotel 

407
00:19:04,700 --> 00:19:08,800
business, but that declining 
revenue is not because a secular

408
00:19:08,800 --> 00:19:11,200
decline because of a one-time 
incident. 

409
00:19:11,400 --> 00:19:15,900
So, every single company that he
buys is in an industry that has 

410
00:19:15,900 --> 00:19:20,100
secular growth every single 
company that he buys has pricing

411
00:19:20,100 --> 00:19:22,200
power. 
Without fail, all of them, 

412
00:19:22,500 --> 00:19:24,600
Netflix has it, they're raising 
prices. 

413
00:19:24,600 --> 00:19:26,800
It might make people upset 
Starbuck. 

414
00:19:27,000 --> 00:19:30,300
Raising prices, Domino's Pizza, 
just raise prices, you know, 

415
00:19:30,300 --> 00:19:32,800
every single company that he 
buys has pricing power. 

416
00:19:33,100 --> 00:19:34,900
Pricing power. 
Simply put means that the 

417
00:19:34,900 --> 00:19:39,200
company has the power to raise 
prices without losing their 

418
00:19:39,200 --> 00:19:42,300
customers to competitors. 
That's pricing power, all the 

419
00:19:42,300 --> 00:19:46,300
companies he buys has it Revenue
growth, every single company had

420
00:19:46,300 --> 00:19:49,900
Revenue growth positive, free 
cash, flow ibadah and net 

421
00:19:49,900 --> 00:19:52,200
income. 
Every single company has it. 

422
00:19:52,400 --> 00:19:55,900
The only arguable one is 
Netflix, but they're on the cusp

423
00:19:55,900 --> 00:19:59,000
of becoming Free cash flow 
positive and if their 

424
00:19:59,000 --> 00:20:01,100
projections are correct, they'll
have it this year. 

425
00:20:01,300 --> 00:20:04,100
So all these characteristics of 
having positive free cash flow 

426
00:20:04,100 --> 00:20:07,500
ibadah, net income, make it so 
that these companies often fund 

427
00:20:07,500 --> 00:20:10,700
a growing dividend and if they 
don't fund a growing dividend, 

428
00:20:11,000 --> 00:20:14,000
they fund share BuyBacks which 
are two different ways of 

429
00:20:14,000 --> 00:20:16,400
returning Capital to the 
shareholder dividend. 

430
00:20:16,400 --> 00:20:18,900
Payments, of course are just 
cold Hard Cash. 

431
00:20:19,100 --> 00:20:22,600
You can use it to compound your 
gains by reinvesting and share 

432
00:20:22,600 --> 00:20:25,300
BuyBacks are eliminating a lot 
of the shares outstanding. 

433
00:20:25,500 --> 00:20:28,800
It eliminates the total Vote. 
And so that your share price 

434
00:20:28,800 --> 00:20:32,100
tends to go up, it has a 
positive effect on the earnings 

435
00:20:32,100 --> 00:20:34,600
per share. 
And every company, he invests in

436
00:20:34,800 --> 00:20:38,900
has positive EPS growth, all of 
them have trending long-term 

437
00:20:38,900 --> 00:20:41,700
positive EPS. 
So this is the checklist of 

438
00:20:41,700 --> 00:20:44,600
every single company. 
He invests in every single one 

439
00:20:44,600 --> 00:20:47,000
that I can find and you can try 
to correct me if you're wrong. 

440
00:20:47,000 --> 00:20:49,400
But I've looked at all of them, 
I've done extensive research on 

441
00:20:49,400 --> 00:20:52,100
this and every single one of 
them have these type of 

442
00:20:52,100 --> 00:20:54,000
attributes. 
These are great companies. 

443
00:20:54,200 --> 00:20:56,900
If you find a company that has 
these attributes, it's going to 

444
00:20:56,908 --> 00:20:59,200
have a significant mode. 
It's going to be a very dominant

445
00:20:59,200 --> 00:21:01,700
company. 
The big question that comes next

446
00:21:01,700 --> 00:21:05,400
is while it's great to have 
brand value and secular growth 

447
00:21:05,400 --> 00:21:08,400
and pricing power. 
The big question is when to buy 

448
00:21:08,400 --> 00:21:11,200
these companies when you can 
actually get them for a good 

449
00:21:11,200 --> 00:21:13,500
deal. 
Because not only does Bill 

450
00:21:13,500 --> 00:21:17,400
Ackman by these companies, but 
he buys them at very opportune 

451
00:21:17,400 --> 00:21:21,400
times, that leads to excess 
gains Market beating gains and 

452
00:21:21,400 --> 00:21:24,000
this is also something that I've
researched and tried to figure 

453
00:21:24,000 --> 00:21:26,900
out what the reverse 
engineering, how he initiates 

454
00:21:27,000 --> 00:21:31,300
Despised and I noticed, another 
commonality every time he enters

455
00:21:31,300 --> 00:21:35,600
into a new position on a company
every single time the PE Ratio 

456
00:21:35,600 --> 00:21:38,400
or the price to sales or 
whatever, valuation metric. 

457
00:21:38,400 --> 00:21:42,900
You look at is typically trading
below its historical average or 

458
00:21:42,900 --> 00:21:46,500
at all-time lows, he buys the 
companies during significant 

459
00:21:46,500 --> 00:21:47,700
dips. 
He buys them when they're 

460
00:21:47,700 --> 00:21:51,000
trading at valuations below 
their historical norm and we can

461
00:21:51,000 --> 00:21:52,300
look at different examples of 
this. 

462
00:21:52,800 --> 00:21:55,800
For instance, when he bought 
Starbucks, Starbucks is trading 

463
00:21:55,800 --> 00:21:58,800
at like a 23. 
A PE ratio that was very low 

464
00:21:58,800 --> 00:22:02,500
compared to its historical Norm.
He held Starbucks and tell it 

465
00:22:02,500 --> 00:22:06,400
traded up to a twenty seven. 
Twenty eight PE ratio, then he 

466
00:22:06,400 --> 00:22:08,900
sold the company. 
So by doing that Bill Ackman 

467
00:22:08,900 --> 00:22:12,200
gets two types of returns two 
different ways that he increases

468
00:22:12,200 --> 00:22:16,000
his gains, one of them is by the
natural growth of the company. 

469
00:22:16,300 --> 00:22:19,600
This company is going to grow 
naturally over time, just by 

470
00:22:19,600 --> 00:22:22,500
compounding, and growing and 
opening up new locations and 

471
00:22:22,500 --> 00:22:24,900
growing their earnings. 
So that's one way that you get 

472
00:22:24,900 --> 00:22:28,900
Returns the other way. 
Through multiple expansion, if 

473
00:22:28,900 --> 00:22:32,600
you can buy this company, when 
it's trading at a 23 P/E ratio 

474
00:22:33,000 --> 00:22:35,500
and wait for the market to 
trade, it up to a twenty eight 

475
00:22:35,500 --> 00:22:38,400
PE ratio, you get the multiple 
expansion. 

476
00:22:38,600 --> 00:22:41,400
So, not only does Bill Ackman, 
get the multiple expansion. 

477
00:22:41,500 --> 00:22:44,600
He also gets the natural growth 
of the company, both of those 

478
00:22:44,600 --> 00:22:47,500
things, combined lead to Market 
beating returns. 

479
00:22:47,800 --> 00:22:51,100
So he buys companies, when there
is significant dips trading 

480
00:22:51,100 --> 00:22:53,900
below, their historical Norm, 
another example, we can look at 

481
00:22:53,900 --> 00:22:59,300
more recently is Netflix Netflix
Is trading at A 5.6 price to 

482
00:22:59,300 --> 00:23:03,300
sales 5.6. 
Look up the historical average 

483
00:23:03,300 --> 00:23:07,200
of the price to sales at Netflix
trades at it's around 10 fact, 

484
00:23:07,200 --> 00:23:09,500
sometimes it gets up to like 12 
price to sales. 

485
00:23:09,700 --> 00:23:13,500
Now it's trading at a five point
six so Bill Ackman waited. 

486
00:23:13,500 --> 00:23:17,500
Until this company traded down 
50%, the valuation got crushed 

487
00:23:17,500 --> 00:23:20,500
and the price to sales 
plummeted, he bought a company 

488
00:23:20,800 --> 00:23:24,300
that has all of these 
characteristics at a time where 

489
00:23:24,300 --> 00:23:26,800
it was trading, well below its 
historical. 

490
00:23:26,900 --> 00:23:29,100
Average. 
So just to summarize how Bill 

491
00:23:29,100 --> 00:23:30,900
Ackman invest. 
He buys companies with 

492
00:23:30,900 --> 00:23:33,600
significant brand value there in
secular growth, they have 

493
00:23:33,600 --> 00:23:36,300
pricing power. 
Every single one of them, they 

494
00:23:36,300 --> 00:23:39,200
always have Revenue growth. 
They always have positive free 

495
00:23:39,200 --> 00:23:41,100
cash, flow ibadah and net 
income. 

496
00:23:41,500 --> 00:23:44,600
They either pay a big dividend 
or they do share Buybacks. 

497
00:23:44,700 --> 00:23:47,700
In some cases, they do both. 
He really likes companies that 

498
00:23:47,700 --> 00:23:50,500
do aggressive share BuyBacks 
every single company. 

499
00:23:50,500 --> 00:23:54,100
He invests in has earnings per 
share growth and he buys these 

500
00:23:54,100 --> 00:23:57,700
companies at opportune times 
where their valuation trades, 

501
00:23:57,700 --> 00:24:01,000
well below its historical Norm, 
he waits for the multiples to 

502
00:24:01,000 --> 00:24:03,800
expand, and he gets both the 
returns of the multiple 

503
00:24:03,800 --> 00:24:07,200
expansion and the returns of the
natural growth of the company as

504
00:24:07,200 --> 00:24:09,000
well. 
And then he sells and locks and 

505
00:24:09,000 --> 00:24:11,300
gains, and he looks for other 
opportunities. 

506
00:24:11,600 --> 00:24:14,500
According, to my research, my 
reverse engineering, that is 

507
00:24:14,508 --> 00:24:16,600
specifically how Bill Ackman 
invest. 

508
00:24:16,600 --> 00:24:19,200
And I think that this is 
something that more investors 

509
00:24:19,200 --> 00:24:21,400
could do, more investors could 
look at this checklist and 

510
00:24:21,400 --> 00:24:24,800
follow the exact same thing and 
probably have very good returns.

511
00:24:24,800 --> 00:24:26,700
So that's my thoughts on this 
subject. 

512
00:24:26,900 --> 00:24:28,600
Hope this video was a little bit
insightful. 

513
00:24:28,800 --> 00:24:30,900
At least fun to look at. 
Let me know if you like this 

514
00:24:30,900 --> 00:24:32,600
type of thing and I'll do more 
of them in the future. 

515
00:24:32,800 --> 00:24:34,500
Other than that, I'll see you in
the next one.