@shaneparrish: "It's a great time to raise capital." "And assuming you raise the capital, don't spend it so quickly expecting money wi…

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Summary

Bill Ackman warns that the current abundance of venture capital echoes the dot-com bubble, urging founders to raise now but spend judiciously and keep cash in the bank to survive an eventual high-profile blow-up and market reset.

"It's a great time to raise capital." "And assuming you raise the capital, don't spend it so quickly expecting money will be there forever." "What this is reminiscent of is in the internet bubble, there was effectively unlimited amount of capital available for kind of suspect business plans." "There will come a time. There'll be some form of a blow-up, a pretty high-profile one where people lose a whole bunch of money, and that will cause a reset. And I think the, the companies that are disciplined in how they spend the capital, so they have years of runway, will be the survivors, and the ones that have to raise money in three months will be gone." "My advice to founders is treat every dollar as if it's your own money and spend it really carefully, and don't expect the kind of ebullient, freely available capital thing to exist forever." "So raise money now, but keep it in the bank. Don't spend it. Or spend it judiciously."
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Cached at: 09/30/26, 04:13 PM

“It’s a great time to raise capital.”

“And assuming you raise the capital, don’t spend it so quickly expecting money will be there forever.”

“What this is reminiscent of is in the internet bubble, there was effectively unlimited amount of capital available for kind of suspect business plans.”

“There will come a time. There’ll be some form of a blow-up, a pretty high-profile one where people lose a whole bunch of money, and that will cause a reset. And I think the, the companies that are disciplined in how they spend the capital, so they have years of runway, will be the survivors, and the ones that have to raise money in three months will be gone.”

“My advice to founders is treat every dollar as if it’s your own money and spend it really carefully, and don’t expect the kind of ebullient, freely available capital thing to exist forever.”

“So raise money now, but keep it in the bank. Don’t spend it. Or spend it judiciously.”

Shane Parrish (@shaneparrish): My second conversation with @BillAckman is unlike anything I expected.

0:00 Intro 0:53 The Night His Daughter Nearly Died 17:07 How He Holds it Together 23:17 How Bubbles Pull You In 23:49 Is Venture in a Bubble? 25:23 When Easy Money Runs Out 28:05 He Hated the Idea but

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