Bill Ackman reveals why high-quality companies trade at historic lows while AI creates both unprecedented opportunity and existential business risk. The legendary activist investor discusses his 20-year evolution from hostile takeovers to permanent capital vehicles, his conviction on market valuations, and his plan to build the next Berkshire Hathaway through insurance and real estate. Founder-led companies outperform professionally managed ones during disruption because founders have full authority to make radical decisions and their entire reputation depends on success, unlike CEOs focused on quarterly compensation.