Short-term market and economic prognostication is largely a foolโs errand, we invest according to a strategy that makes the need to rely on short-term market or economic assessments largely irrelevant.
Bill AckmanIt is a certainty that Herbalife is a pyramid scheme. We believe it's harming a population of low-income, principally Hispanic people in the U.S. to benefit a handful of super wealthy people at the top of the pyramid.
Bill AckmanIf you look at the great frauds of all time, Enron had that phantom trading floor. What Herbalife has is it has phantom or fictitious customers.
Bill AckmanAs a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven't done enough research into any of their companies. If managers have 200 positions, do you think they know what's going on at any one of those companies at this moment?
Bill Ackman