Pershing Square Capital Management founder Bill Ackman in a conversation with Lex Fridman shared his views on mutual funds and individual stock investments. What Happened: Last week, in a podcast interview with Fridman, Ackman expressed skepticism about the value of mutual funds for everyday investors. He suggested that most mutual funds are over-diversified and short-term, charging high fees without delivering commensurate returns. “There are thousands and thousands of mutual funds. There are very few that earn their keep in terms of the fees they charge. They tend to be too diversified and t…
