A Wall Street Genius’s Final Investment Playbook Chapter 162

4:00 PM sharp.

I arrived in front of a towering modern skyscraper on 7th Avenue in New York.

This was the building where Ackman’s hedge fund office was located.

‘What will it be like…?’

A sense of anticipation welled up inside .

After all, Ackman was a giant in the industry, soone I was encountering for the first ti.

Of course, strictly speaking, I had also faced White Shark before, but—

‘That doesn’t really count.’

Dealing with him as a low-ranking mber of Goldman and standing before him now as the leader of my own fund were entirely different matters.

Anyway.

My objective today was clear.

‘Gathering information and provoking him.’

First, I needed to extract as much information as possible, and in the process, I had to get under Ackman’s skin.

After reviewing my goal once more, I stepped into the building.

My eyes imdiately landed on the floor directory in the lobby.

That was the na of Ackman’s fund.

“Maverick” referred to a free spirit who blazes their own trail, unbound by convention.

It gave insight into how Ackman viewed himself.

Ding!

When the elevator doors opened on the 40th floor, a spacious lobby unfolded before .

Beyond the massive glass windows that stretched from floor to ceiling, New York’s majestic skyline lay in full view, and the entrance featured a grand artwork that subtly enhanced the space’s prestige without being overwhelming.

At that mont, a woman approached .

She seed to be Ackman’s secretary.

“Mr. Ha Si-heon?”

“Yes, that’s .”

“Please wait here for a mont.”

Leaving those words behind, the secretary disappeared.

Left alone in the lobby, I let out a small chuckle.

‘Interesting.’

They clearly knew I was coming, yet they deliberately left standing here alone.

This was an intentional move.

A way to make feel uncomfortable and awkward.

It wasn’t long before the secretary returned.

“I’ll escort you now.”

The place she led to was none other than the CEO’s office.

‘This is interesting, too.’

Normally, etings like this would take place in a conference room.

But he had specifically called to his personal office.

And that wasn’t all.

The CEO’s office was designed with transparent glass walls, making everything inside completely visible.

Inside, Ackman was conversing with his subordinates.

I was starting to get a sense of his personality.

‘This is staged, too.’

He had already been inford of my arrival, yet he didn’t dismiss his subordinates.

He was likely aiming for one of two things.

Either he was simply pretending to be busy— or he deliberately wanted to see his subordinates.

It seed clear that it was the latter.

“Sir, Mr. Ha Si-heon has arrived.”

The mont the door opened, Ackman’s gaze didn’t turn to .

Instead, his eyes remained fixed on his subordinates.

As if he were reading their expressions.

‘He’s checking for internal leaks.’

Well, that made sense.

At the previous summit, I had subtly hinted that I knew so of Ackman’s secrets.

Naturally, he would now suspect that soone within his organization was leaking information.

So he had orchestrated this encounter to observe their reactions.

‘But it’s a wasted effort.’

Anyway.

Once all the subordinates had left, Ackman finally spoke.

“It’s been a while. Please, have a seat.”

He gestured toward a sofa in one corner of his office.

Unlike a conference table, where only the upper body is visible, this setting allowed us to observe each other’s full body language.

As soon as I sat down, my eyes naturally drifted to the side table next to .

On it was a frad certificate with the words “Giving Pledge” prominently displayed.

The Giving Pledge.

A campaign led by Buffett and Gates, in which billionaires pledged to donate more than half of their wealth.

It was sowhat surprising that Ackman had joined this cause.

“You’ve taken part in this too.”

At my words, Ackman smiled with satisfaction.

“It’s nothing. It’s not like I could spend all my wealth before I die anyway, so I might as well give it away.”

‘Is it hypocrisy or sincerity?’

It was hard to tell.

But one thing was certain.

He had placed that certificate where visitors’ eyes would imdiately land on it.

Clearly, he wanted to project the image of a noble, virtuous figure.

‘Does he want to appear clean?’

I decided to poke at that a little.

“Honestly, I don’t quite get it. If you’re just going to donate the money anyway, why run a hedge fund with such relentless intensity? Personally, I find it a bit curious.”

A hedge fund manager was, by nature, soone obsessed with money.

Ackman was no exception.

So my question was a small jab—why work so ruthlessly to amass money you’re only going to give away?

Hearing that, Ackman’s smile stiffened slightly as he replied.

“It’s not about how you earn money, but how you use it. If I just hoarded it, my heirs would likely waste it on sothing aningless after I’m gone. Instead, I choose to use it while I’m still alive to shape the world in the way I see fit. But to do that, I need a significant amount of money.”

It was a surprisingly candid answer.

Not just for goodwill, but to shape the world as he desires

“So, let’s move past the small talk.”

Ackman clasped his hands together and got straight to the point.

“Is it you?”

It was a contextless question.

But I understood.

He was asking whether I was the one quietly accumulating shares and then suddenly driving up the stock price.

‘As expected, he’s blunt.’

I responded casually.

“It would help if your question was a bit more specific.”

“So, are you saying it’s not you?”

A faint trace of contempt flickered across Ackman’s face.

From his deanor so far, it seed he had disdain for any attempt to obscure the truth.

I shrugged.

“I’m not exactly denying it. I just think questions should be precise for answers to be clear.”

After studying his expression briefly, I continued.

“If you’re referring to the Allergan case, then yes. I am the one accumulating shares.”

There was no reason to hide it.

After all, I had co here to confront Ackman head-on.

Hearing my answer, Ackman twisted his lips into a smirk.

“You’re the sa person who pointed out at the summit that ‘secretly acquiring shares through options violates shareholders’ rights’… Quite ironic, don’t you think?”

“I was simply convinced by your own argunt. Didn’t you say, ‘If it’s for a greater cause, one can resort to thods in the gray area’?”

When I threw his own words back at him, his smirk stiffened.

He had tried to expose my hypocrisy, only to be caught in his own words.

After a pause, he asked, “At the summit, you ntioned an unusual alliance. ‘A Trojan horse where hedge funds and corporations collaborate.’ May I ask where that idea ca from?”

It was essentially a question asking how I knew about the “Trojan Horse operation.”

Another direct question.

I answered with complete honesty.

“I ca from ten years in the future. I simply rember what you did in the past.”

When he looked at as if I were insane, I shrugged.

“…I’ll take that as a refusal to answer.”

People are always like this.

Even when you tell them the truth, they don’t believe it.

Not that I expected him to believe , of course.

So, I went with the lie I had prepared in advance.

“Actually, I have a unique algorithm.”

“Are you saying that algorithm predicted the Trojan horse strategy?”

“To be precise, it indicated that the ti was right for such a unique alliance to erge. I only speculated that you would be the one leading it.”

“And why, out of everyone, did you point to ? I’d love to hear your reasoning.”

“It was a logical deduction. A bold and audacious move like this could only be pulled off by a maverick like you. Of course, I only beca certain after observing your actions.”

For a mont, excitent flickered in Ackman’s eyes.

He seed quite pleased to have his ‘maverick nature’ acknowledged.

‘He’s easy to read.’

People in his position usually keep a poker face and hide their true thoughts skillfully…

But Ackman was different.

He prided himself on being candid and preferred direct speech.

And despite his actions, he held a strong belief in his own ethical integrity.

“As you predicted, I am working with a company to pursue the acquisition of Allergan.”

That was an unexpected admission.

Although he didn’t reveal that his partner was Valeant, he openly acknowledged everything else.

Then, Ackman suddenly made an unexpected proposal.

“Would you be interested in joining us?”

That, too, was unexpected.

He was offering a place in the alliance.

‘Well, it does make sense, doesn’t it?’

Anyone holding a significant number of shares would be useful to him.

Still, it was surprising that he would extend an offer despite my constant jabs at him.

I wasn’t even at a level where I could stand shoulder to shoulder with him yet.

“It wouldn’t be a loss for you either. We’ll secure you a seat at the strategy table during the acquisition process. For a first campaign, this would be quite the opportunity for you.”

He was offering a significant voice in the process.

For a newly established fund, this was an incredibly generous offer.

“Moreover, I’m sure you understand what it would an for you to be publicly associated with . It’s worth more than just money.”

A heavyweight in activist investing teaming up with a fresh fund?

That would undoubtedly boost my reputation.

‘So he’s starting with the carrot first, huh?’

It had to be one of two things.

Either he was naturally inclined to take this approach, or he was currently in no position to use the stick.

The latter seed far more likely.

The Herbalife case wasn’t going smoothly, so he probably wanted to minimize the cost of acquiring Allergan.

In other words, Ackman was under pressure.

Desperate enough to offer an alliance to soone as insolent as .

“Why are you giving such an opportunity?”

“It’s better to consolidate power than to split votes. And I prefer making friends over enemies.”

“That’s surprising to hear. You seem to have… quite a few enemies.”

I was alluding to his ongoing feud with the industry giant, Icahn.

Ackman was currently at the center of one of the most infamous disputes on Wall Street.

At the ntion of Icahn, his gaze turned cold.

“It was never my intention to beco his enemy.”

His voice carried a noticeable stiffness.

So, Icahn was his sore spot.

“I heard you were the one who filed the lawsuit first.”

A reference to the incident ten years ago that sparked the conflict between Ackman and Icahn.

Even though I pointed it out, he remained firm in his stance.

“That was to protect the interests of my investors. The contract clearly outlined the terms, and I simply demanded they be honored.”

“That contract was… sowhat unusual, wasn’t it?”

“I only followed what was written. Even after three rounds of legal review, they raised an issue only after the fact.”

That was new information.

Icahn had thoroughly reviewed the contract multiple tis, yet he still lost in court.

It ant that despite its ambiguous wording, he had overlooked its potential for broad interpretation.

This proved just how shrewd Ackman was when it ca to legal matters.

But… had he planned this from the beginning?

Hard to say.

"Seeing how you keep talking like that, I take it you have no intention of accepting my proposal."

Ackman’s gaze had turned noticeably hostile.

‘So, Icahn gets the biggest reaction, huh?’

Out of everything I had prodded, this had provoked the strongest response.

That was valuable information.

Crossing his legs, he continued.

“These days, activist hedge funds are popping up like mushrooms, but true success stories are rare. This industry is incredibly demanding.”

He wasn’t wrong.

Activist investing had beco a hot trend.

Unlike other areas that had beco oversaturated, the potential for high returns kept drawing attention.

But his words carried a warning.

“You have significant dia influence, so I understand the temptation. However… recognition and trust are two different things. Just because people know your na doesn’t an they’ll entrust you with their money. And let’s not forget, your target audience isn’t the general public—it’s the shareholders.”

It was a valid point.

“Moreover, the hidden costs in this field aren’t small. Proxy battles require astronomical sums. PR firms, advisory services, legal teams—the expenses never stop piling up.”

“I see.”

“For your first campaign, taking the safest route would be the smartest move.”

Of course, he wasn’t saying this out of concern for my well-being.

I grinned.

“That almost sounds like a subtle threat.”

“A threat? No, just a piece of advice to make a rational choice.”

“Rational, huh…”

I t his eyes head-on.

“The most rational choice would be to back the winning side.”

“Are you saying I’m going to lose?”

“Yes.”

Ackman would ultimately lose the Allergan battle.

Of course, even though he lost, he had still managed to make a massive profit, which made headlines at the ti…

But that wasn’t what mattered right now.

There was one last thing I needed to confirm.

“Do you truly believe that the acquisition you’re pushing will benefit Allergan?”

“Of course. Maximizing shareholder value has always been my top priority.”

The joy radiating from his face—

It was the sa look he had when discussing philanthropy and his ‘maverick’ identity earlier.

‘He’s being sincere.’

Ackman genuinely believed that rging with Valeant would be in Allergan’s best interest.

‘He doesn’t know yet.’

In reality, the company he had partnered with—Valeant—would collapse in a few years due to fraud and scandal.

I had wondered whether he was acting with full knowledge of that or if he was completely unaware.

His reaction just now made it clear.

He had no idea.

“So, what’s your decision?”

He asked again, confirming whether I would join him.

‘Hmm, I’ve learned everything I needed to, right?’

I had gathered enough intel and pinpointed his trigger points.

Now, all that was left was to give him one final jab before leaving.

I t his gaze calmly and spoke.

“I refuse.”

“What’s your reason?”

“I don’t want to board a sinking ship.”

Even after I likened his operation to a dood vessel, Ackman didn’t drop his smile.

Though it had stiffened slightly.

“Opportunities like this don’t co often. I suggest you go ho, think it over carefully, and reconsider.”

“Understood. I’ll take my ti to reflect and get back to you.”

I nodded without hesitation.

It would be more effective to decline in a different way than outright rejecting him on the spot.

And that night—

I made my final stance clear in my own way.

A breaking news alert flashed across the evening news.

That was my declaration of war.