Bill Ackman is the founder and CEO of Pershing Square Capital Management.
He's posted a long tweet:
Some points he makes:
- The world is a structurally different place than it was.
- The peace dividend is no more.
- The long-term deflationary effects of outsourcing production to China are no more.
- Workers and unions’ bargaining power continues to rise. Strikes abound, with more likely to come as successful walkouts achieve substantial wage gains.
- Energy prices are rising rapidly. Not refilling the SPR was a misguided and dangerous mistake. Our strategic assets should never be used to achieve short-term political objectives. Now we must refill the SPR while OPEC and Russia cut production.
- The green energy transition is and will remain incalculably expensive.
- And higher gas prices will raise inflationary expectations.
His list of woes goes on and on. To be fair he's been on the right side so far.
He finishes with a cheeky wink:
- But I could be wrong. AI might save us.
Yeah, AI is of huge benefit to mankind ;-)