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Ackman Buys the Dip & GE Gets the Ax

The inside conversation on Wall Street about Pershing’s new investment thesis, the wisdom of Warren Buffett, and JPMorgan in the penalty box.

Bill Ackman at the 2021 US Open
Photo by Elsa/Getty Images
William D. Cohan
January 30, 2022

The bloom is off the rose for Netflix, which has dropped some 40 percent in value ever since Wall Street decided that the former hyper-growth technology platform has become something decidedly less sexy: a maturing, cash-positive media company. As my partner Matt Belloni recently wrote, this is more than just a correction as part of the broader Nasdaq sell-off. Investors are afraid that more competition and weakening subscriber growth portends a harder, more costly path forward. So naturally my friend Bill Ackman, the hedge fund investor, has stepped forward to buy the dip.