Bill Ackman: People are Going to Lose a Lot of Money

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Bill Ackman: People Are Going to Lose a Lot of Money

Bill Ackman on AI's revolution, his daughter's miraculous recovery, and building a future brain institute. Investment insights & life lessons.

Bill Ackman, founder and CEO of Pershing Square Capital Management, recently shared insights on a range of topics, from the transformative potential of Artificial Intelligence (AI) and his investment strategies to a deeply personal account of his daughter Lucy's near-fatal health crisis and his subsequent commitment to establishing a leading brain institute.

The AI Revolution and Investment Disruption

Ackman views AI as the harbinger of a new industrial revolution, emphasizing its unprecedented pace of advancement. He draws a parallel to the internet's disruptive impact, noting that even astute investors like Warren Buffett did not fully anticipate its transformative power. Ackman suggests that AI presents a more complex challenge, increasing the risk of disruption for businesses across all sectors. He anticipates that this rapid evolution will inevitably lead to significant financial losses for some, stating, "There will come a time there'll be some form of a blow up where people lose a whole bunch of money."

He believes AI will enable the creation of entirely new businesses and empower individuals to become entrepreneurs. While acknowledging the potential for AI to enhance efficiency in sectors like finance by modernizing legacy systems, Ackman questions whether these efficiency gains will translate into sustained profits or be passed on to consumers. He highlights that AI's primary impact on the investment profession is the massive increase in the risk of disruption, forcing investors to be more thoughtful about business moats and long-term viability.

Investment Philosophy and Process

Ackman's investment process is characterized by a deep dive into companies, often those he has followed for extended periods. The firm seeks "super durable growth companies" with dominant market positions, strong balance sheets, and pricing power. The investment team conducts thorough due diligence, utilizing expert networks and engaging with former employees and industry experts to gain a comprehensive understanding of a business.

Pershing Square emphasizes a long-term perspective, aiming for a 20%+ rate of return. When valuation concerns arise, the firm may set a company aside, waiting for a market event or repricing that creates an attractive entry point. Ackman notes that in venture capital, the focus shifts to betting on the founder and their ability to navigate challenges, as original business plans often evolve. He cites Coupang, the "Amazon of South Korea," as a prime example where the founder's adaptability led to success beyond the initial business model.

Navigating Personal Tragedy and Establishing the Aman Oxman Institute

A significant portion of Ackman's discussion centered on his daughter Lucy's severe brain hemorrhage caused by an arteriovenous malformation. He recounted the harrowing experience of discovering Lucy barely breathing and the subsequent race against time to save her life. The medical team performed a craniectomy, removing a portion of her skull to relieve pressure on her brain, a procedure typically not undertaken after five hours of pressure due to the risk of brain death.

Despite the grim prognosis, Lucy has shown remarkable progress in her recovery, regaining cognition, speech, and mobility. This personal ordeal has galvanized Ackman and his wife, Neri Oxman, to establish the Aman Oxman Institute (AOI), a brain institute dedicated to advancing research and treatment for brain injuries and neurological conditions. The institute aims to leverage cutting-edge technologies, including AI and brain-computer interfaces, to accelerate patient recovery and improve outcomes. Ackman envisions a world where technology can provide solutions for individuals with deficits in areas like vision and speech, potentially offering "bionic vision" and advanced speech therapy.

Resilience, Optimism, and Personal Growth

Ackman attributes his ability to navigate such profound challenges to a learned optimism and a belief that good can emerge from adversity. He draws parallels to his own near-death experiences in business, which ultimately made him stronger. He views Lucy's recovery as a testament to human resilience and a source of inspiration.

He emphasizes the importance of physical and mental well-being, citing daily exercise, particularly tennis, as a crucial form of meditation. He also acknowledges the value of sleep and family time. While he has not meditated regularly recently, he recognizes its past benefits during challenging periods, such as his divorce.

The Evolution of Pershing Square and Activism

Over 22 years, Pershing Square has evolved from a firm where Ackman was the primary idea generator to one with a stable, experienced team and a culture of transparency. He highlights the firm's exceptionally low turnover rate as a key strength, fostering trust and candid communication. Ackman now contributes a minority of the firm's investment ideas, with a delegated structure allowing him to focus on strategic initiatives.

Ackman's approach to activism has also shifted. While he was once known for public proxy contests, he now prefers to effect change behind the scenes, leveraging his firm's reputation and significant stakes in companies. He believes that with substantial ownership and a track record of long-term value creation, companies are receptive to dialogue and collaboration, making traditional activism less necessary. He advocates for activism that focuses on long-term company health rather than short-term stock price gains, criticizing tactics that could harm the business for immediate shareholder benefit.

Advice for Investors and Founders

For ordinary individuals seeking to invest, Ackman advises allocating dedicated time to study and research companies. For those seeking market exposure without active management, he recommends index funds as a historically effective approach. His key advice for starting young and leveraging the power of compounding remains paramount.

Ackman cautions founders to be disciplined with capital, even when raising funds is seemingly easy. He draws parallels to the dot-com bubble, where excessive spending led to the downfall of many companies. His advice is to "treat every dollar as if it's your own money and spend it really carefully."

Personal Reflections and Definition of Success

Ackman describes himself as someone driven by a desire to speak his truth and influence positive change. He acknowledges that his public expressions, particularly on Twitter, may lead to misconceptions about his personality, stating, "I'm not a hostile kind of person. I'm just someone trying to get to the truth."

His definition of success extends beyond financial returns. For Pershing Square, it means enabling investors to achieve life-changing financial outcomes. For himself, success is defined by living a "significant life" and having a "beneficent impact on the largest number of people," a goal he believes the Aman Oxman Institute will significantly contribute to. He also expresses a desire to live a long and healthy life, aided by advancements in AI and medical science.

The Dawn of AI and Investment Philosophy

Ackman introduces the concept of AI as a revolutionary force, comparable to the internet's impact, and predicts significant financial disruption. He contrasts this with his investment process, emphasizing a 'spidey sense' and unique approaches to successful investments.

AI is seen as the beginning of an industrial revolution.
The pace of AI improvement is unprecedented.
Significant financial losses are expected due to AI disruption.
Successful investments often involve doing something novel.
Ackman's investment process relies on developing a 'spidey sense' for people.

Lucy's Medical Crisis: A Personal Ordeal

Ackman recounts the harrowing experience of his daughter Lucy's arterial-venous malformation and subsequent brain hemorrhage. He details the critical moments from discovery to emergency treatment, emphasizing the challenges faced due to delayed diagnosis and the race against time to save her life.

Lucy suffered a brain hemorrhage due to an arterial-venous malformation.
The condition involved a direct, high-pressure connection between an artery and a vein in her brain.
A ruptured vein led to blood filling her brain, causing pressure on the midbrain.
She was found barely breathing by her daughter after missing a flight.
Initial emergency response was hampered by the unknown nature of her condition.

Medical Intervention and Remarkable Recovery

The narrative shifts to Lucy's intensive medical treatment, including a life-saving surgery involving partial skull removal. Ackman describes the 'dare to be great' speech given to doctors, the uncertainty of her prognosis after 19 hours of brain pressure, and her slow but remarkable recovery of cognition, speech, and motor skills.

Surgery involved removing 40% of the skull to relieve brain pressure.
Doctors were hesitant due to the 19-hour duration of brain pressure.
Ackman encouraged the medical team with a 'dare to be great' speech.
Lucy has regained cognition, speech (15 of 17 vowels), and is improving in walking and vision.
The experience inspired the creation of a brain institute.

Founding a Brain Institute for Future Recovery

Ackman outlines the vision for a new brain institute, driven by Lucy's experience and the potential of technologies like AI and brain-computer interfaces. He discusses the rapid acquisition of a building and the goal to create the world's greatest brain institute focused on patient-centric treatments and recovery.

A vacant biotechnology building was acquired to establish a brain institute.
The goal is to build the world's greatest brain institute.
Focus areas include patient treatments, brain-computer interfaces, and AI interpretation of brain data.
The institute aims to provide solutions for potential long-term deficits.
Technologies like AI glasses are envisioned for vision restoration.

Leveraging Experience for a Greater Cause

Ackman reflects on how his career experiences uniquely positioned him to help Lucy and others. He highlights his real estate and business acumen, his wife's architectural expertise, and the outpouring of support from people who have faced similar challenges, emphasizing the positive outcome from a personal tragedy.

Career skills in real estate and business were instrumental in helping Lucy.
His wife, a talented architect, is involved in designing the recovery space.
Many people with personal experience with similar conditions have offered support.
Ackman views the situation as a source of good emerging from a bad event.
He learned over time that positive outcomes can arise from adversity.

Resilience, Optimism, and the Power of Support

Ackman discusses his learned optimism, stemming from near-death experiences in business. He believes Lucy's recovery will make her 'superhuman' and details the intensive support system, including his wife's constant presence, his work from the hospital, and the crucial role of friends in her rehabilitation.

Learned optimism comes from overcoming business near-death experiences.
Lucy's recovery is expected to make her a 'superhuman' person.
His wife provided constant support; he worked from the hospital.
Two IPOs were managed from Lucy's hospital room.
Friends provided daily emotional support and engagement.

Barriers to Recovery and Unconstrained Care

The conversation turns to the limitations in stroke and brain injury recovery, attributing them to insurance industry economics and hospital practices. Ackman criticizes the inadequate rehabilitation programs and short-term insurance coverage, contrasting it with Lucy's financially unconstrained, comprehensive care.

Insurance and hospital economics hinder advanced recovery care.
Rehabilitation programs are often inadequate.
Insurance typically covers only short periods of care.
Typical patients may end up in nursing homes with poor outcomes.
Lucy received comprehensive care due to financial unconstraint.

Technology-Driven Rehabilitation and Longevity

Ackman envisions the brain institute leveraging technology, particularly AI, to provide accessible and effective rehabilitation, speech therapy, and nutrition. He emphasizes the institute's focus on brain recovery, physical recovery, and longevity, aiming to create an optimal and self-sustaining model.

AI can serve as an affordable alternative for speech therapy.
The institute focuses on brain rehab, recovery, and longevity.
Nutrition is a critical, often overlooked, aspect of hospital care.
The institute aims to provide optimal care and be self-sustaining.
Technology will enable broader access to recovery solutions.

Wearable Technology in Emergency Detection

Ackman explains how his Aura ring data helped identify Lucy's medical emergency. He discusses the potential for wearable technology like Apple Watch and Aura rings to detect critical health events, advocating for enhanced alert capabilities.

Aura ring data showed a rapid spike and drop in Lucy's pulse.
This data, combined with fall detection, could indicate a serious event.
Wearable technology like Apple Watch and Aura rings can aid early detection.
There's a need for enhanced alert capabilities in wearables.
Aura ring is reportedly working on similar capabilities.

Maintaining Mental Well-being: Exercise and Mindfulness

Ackman shares his strategies for maintaining mental well-being: daily exercise (tennis), good sleep, and family time. He also touches upon the benefits of meditation, which he found helpful during a challenging year involving divorce.

Daily exercise, like tennis, is crucial for mental clarity.
Focusing on the present during exercise acts as a form of meditation.
Adequate sleep and family time are important for well-being.
Meditation was beneficial during a difficult personal period.
He acknowledges the need to reincorporate meditation into his routine.

The Structure and Team of Pershing Square

Ackman describes the operational structure of Pershing Square, emphasizing the transition from a solo operation to a highly capable team with minimal turnover. He highlights the importance of transparency, candidness, and long-term relationships within the investment team.

Pershing Square has evolved into a highly capable team.
There is minimal turnover within the firm.
Long-term relationships foster transparency and candidness.
The investment team has remained consistent for nine years.
Ackman is no longer the primary idea generator but plays a key role.

Governance and Management of Public Entities

He explains the management of Pershing Square's public entities, focusing on independent boards and the role of the management company as an external investment manager. He contrasts their high-quality, independent boards with the typical industry standard.

Publicly traded entities have independent boards of directors.
Pershing Square acts as an external investment manager for these entities.
Their boards are composed of highly qualified, dedicated directors.
This contrasts with typical closed-end fund boards with multiple directorships.
Alignment, people, and principles are key to their success.

From Activist to Influencer: Evolving Public Role

Ackman discusses the evolution of his public role, moving from activist to behind-the-scenes influence. He explains this shift is due to established credibility and reputation, allowing for dialogue rather than confrontation, and highlights the power of social media in advancing narratives.

Shift from activist to behind-the-scenes influence due to gained credibility.
Early activism required winning ideas and institutional support.
Now, companies welcome dialogue and potential board representation.
Social media (Twitter) provides a platform for influence and narrative advancement.
He believes in speaking truth to power, even if unpopular.

Understanding Investment Bubbles and AI's Role

Ackman addresses the concept of investment bubbles, defining them by human nature, FOMO, and overvaluation. He notes AI's transformational power but acknowledges bubble-like elements in venture capital, citing rapid valuations and intense competition.

Bubbles form due to excessive money-making, FOMO, and overvaluation.
AI is a highly transformational technology.
Bubble-like elements exist in venture capital, with rapid valuation increases.
High valuations and intense competition are observed in venture funding.
Companies are raising significant capital quickly at high valuations.

Advice for Founders: Prudent Capital Management

He advises founders on raising capital judiciously, warning against excessive spending and emphasizing the need for a long runway. Ackman draws parallels to the internet bubble, where companies with high burn rates failed when capital dried up.

Founders should raise capital but spend it judiciously.
Maintain a long runway; don't expect capital to be always available.
The internet bubble saw companies fail due to high burn rates.
Discipline in spending capital is crucial for survival.
Treat every dollar as if it were personal money.

Public Markets vs. Venture Capital: Investing in People

Ackman differentiates between public market investing (focusing on durable growth companies) and venture capital (betting on founders). He stresses that in venture, the person is often more critical than the initial business plan.

Public markets focus on super durable growth companies.
Venture capital heavily bets on the founder/person over the business plan.
In public markets, a CEO can be replaced; in venture, the founder is key.
Original ideas in venture often evolve significantly.
Success in venture relies on the founder's ability to navigate challenges.

AI's Impact on Investment Risk and Disruption

Ackman explains how AI increases disruption risk, making long-term business prediction more complex. He notes that even historically great investors like Warren Buffett struggled to foresee the internet's disruptive impact, and AI presents a similar, more complex challenge.

AI significantly increases the risk of business disruption.
Predicting long-term business outlooks is more challenging.
Warren Buffett underestimated the internet's disruptive potential.
AI poses a more complex disruption challenge than the internet.
All investors risk looking foolish due to unforeseen AI disruptions.

AI's Value Creation and Business Efficiency

He identifies businesses that become more valuable due to AI, such as financial institutions that can use AI to rewrite legacy code efficiently. Ackman questions whether efficiency gains will translate to customer savings or increased profits, depending on pricing power.

AI can help financial institutions rewrite legacy code efficiently.
This can lead to significant cost reductions in running large institutions.
The question remains whether efficiency gains benefit customers or companies.
Pricing power determines if cost savings are passed to customers.
AI enables new businesses and empowers new entrepreneurs.

The Accelerating Pace of AI Development

Ackman describes the rapid pace of AI improvement, comparing it to software updates in days rather than years. While not frightened, he emphasizes the need for investors to carefully assess business moats and disruption risks in this fast-evolving landscape.

AI improvement pace is extremely fast, with updates in days.
This pace is unlike traditional software development cycles.
Investors must be thoughtful about business moats and disruption risks.
The complexity of predicting disruption is high.
Dominant businesses could disappear due to AI advancements.

Pershing Square's Investment Process and AI Integration

Ackman details Pershing Square's investment process, from identifying potential companies to deep dives, expert network consultations, financial modeling, and team presentations. He notes AI is currently used as a research tool, not for core model building, emphasizing human creativity and unique insights.

Investment process involves following companies long-term and waiting for valuation opportunities.
Deep dives include SEC filings, expert networks, and competitor analysis.
Financial modeling assesses potential returns at current prices.
AI is used as a research tool, not for core model building.
Unique insights and 'outside the box' thinking differentiate successful investments.

Keys to Pershing Square's Enduring Success

He explains Pershing Square's success in outperforming value investors post-2010 by focusing on high-quality businesses with low disruption risk and opportunistically making macro bets. He mentions a checklist developed after a significant loss in 2015-2016 to avoid mistakes.

Focus on high-quality businesses with low disruption risk.
Opportunistic macro bets have contributed to success.
A checklist was implemented after a major loss in 2015-2016.
Checklist items include business nature, management teams, and market cap.
Aversion to short-selling was a key lesson learned.

The Pershing Square Investment Checklist

Ackman elaborates on the checklist, including investing in simple, predictable, free cash flow generative companies, strong management, large-cap liquid public companies, and an aversion to short-selling. Asymmetric bets with large payoffs relative to capital are also key.

Invest in simple, predictable, free cash flow generative companies.
Focus on high-quality management teams.
Preference for large-cap, liquid public companies.
Aversion to short-selling due to asymmetric risk.
Seek asymmetric bets with high payoff potential relative to capital.

Lessons Learned from Short-Selling Experiences

He explains the decision to stop short-selling after a negative experience with a fraudulent pyramid scheme, where market dynamics (like Carl Icahn's involvement) led to unexpected losses. This reinforced the risks of shorting.

Stopped short-selling after a negative experience with a fraudulent pyramid scheme.
Shorting involves asymmetric risk (infinite loss, finite gain).
Market dynamics and counter-investor actions can create unexpected risks.
The experience highlighted the difficulty and risks of shorting.
Preference is for investments where the 'wind is at your back'.

The Power of Public Voice and Social Media

Ackman discusses his increased public vocalness, attributing it to a lifelong belief in free speech and the influence gained through social media. He aims to advance narratives on issues he cares about, finding success in influencing public discourse.

Increased public vocalness stems from a belief in free speech.
Social media (Twitter) has amplified his influence.
He aims to advance narratives on important issues.
Has found success in influencing public discourse and administration.
Believes in speaking truth to power and challenging the status quo.

Personal Application of AI in Healthcare Decisions

Ackman shares his personal use of AI, particularly in assisting with medical decisions for his daughter, highlighting its power as a tool for vetting information and supporting healthcare choices. He suggests doctors should use AI to double-check their work.

Uses AI extensively for personal matters, especially medical decisions for his daughter.
AI is a powerful tool for vetting medical information and choices.
Recommends doctors use AI (like Claude) to check their work.
AI can provide valuable insights and support in complex situations.
This personal application underscores AI's practical utility.

AI Winners and the Valuation of Sports Teams

He views Brookfield as an AI winner due to its infrastructure focus (data centers, power) and financing capabilities, essential for AI's backbone. Regarding sports teams, he sees them valued more like art than financial enterprises, with owners often prioritizing experience over profit.

Brookfield is considered an AI winner due to its infrastructure and financing.
Data centers and power are crucial for AI's backbone.
Sports teams are valued more like art than financial enterprises.
Owners often prioritize the experience over significant financial returns.
Ackman is not personally looking to buy a sports team.

The Evolution of Activism: Dialogue Over Confrontation

Ackman explains the shift from activism to behind-the-scenes influence, enabled by his firm's established reputation and track record. He notes that companies now often welcome their investment and insights, reducing the need for traditional activist tactics like proxy contests.

Shift to behind-the-scenes influence due to gained credibility and reputation.
Companies now often welcome Pershing Square's investments and insights.
No longer need for traditional activism like proxy contests.
Can secure board representation due to significant shareholdings and reputation.
Focus is on dialogue and long-term value creation.

The Ethics and Effectiveness of Activism

He argues that while not legally required, activism should ideally focus on long-term company health, not just short-term stock price gains. He criticizes activism that harms companies for short-term benefits and believes index fund owners will support sustainable strategies.

Activism should prioritize long-term company health over short-term gains.
Criticizes activism that leads to underinvestment or excessive leverage.
Views some activism as a form of 'greenmail'.
Boards should prevent short-term initiatives that harm long-term value.
Index fund owners are likely to support sustainable, long-term strategies.

Investment Advice for the Ordinary Person

For ordinary investors, Ackman advises allocating real time to study and research companies. For broader market exposure, he recommends index funds as a historically effective approach, emphasizing starting young and utilizing dollar-cost averaging.

Investing requires dedicated time for study and research.
Index funds are a good approach for broad market exposure.
Index funds have historically outperformed most active investors.
Start investing young to benefit from compounding.
Avoid holding cash based on market timing; invest consistently.

Stock Options and Talent Retention

Ackman discusses stock options and restricted stock as valuable tools for retaining talent and aligning employee interests with share price performance. Pershing Square itself has wide equity ownership among its team, reducing the immediate need for such incentives.

Stock options and restricted stock are effective for talent retention.
These tools align employee interests with share price performance.
Pershing Square has broad equity ownership among its team.
This reduces the immediate need for issuing new options or stock.
May be used in the future for new generations of employees.

The Netflix Investment Journey: Buy, Sell, Repurchase

He recounts the decision-making process for Netflix: buying when the stock dropped after missed guidance, meeting with management, exiting when the thesis broke due to their initial resistance to advertising, and later repurchasing shares when the business proved resilient and the price became attractive again.

Initially bought Netflix after a stock drop due to missed subscriber guidance.
Exited when management initially resisted an advertising model, breaking the thesis.
Later repurchased Netflix shares after they executed well on advertising and became dominant.
Investment decisions are based on thesis integrity and changing information.
The process involves buying low, exiting when the thesis is broken, and potentially re-entering.

Transforming Howard Hughes into a Berkshire Hathaway Model

Ackman explains the creation of Howard Hughes Corporation to house non-core assets from General Growth Properties. The strategy is to transform it into a 'modern-day Berkshire Hathaway' by focusing on insurance and long-term capital compounding, leveraging its real estate cash flow.

Howard Hughes Corp. was created to separate non-core assets from General Growth Properties.
The goal is to transform it into a 'modern-day Berkshire Hathaway'.
Strategy involves reinvesting real estate cash flow into insurance operations.
Focus on long-term capital compounding and insurance underwriting.
The business is self-liquidating in terms of real estate assets over time.

Lessons from Berkshire Hathaway's Success

He details the keys to Berkshire Hathaway's success: long-term view, permanent capital, retained earnings, stock investing talent, and recruiting skilled people. He notes that the 'boring' nature of insurance makes it less attractive to copy.

Berkshire's success keys: long-term view, permanent capital, retained earnings.
Talent in stock investing and recruiting skilled managers.
Avoidance of shareholder dilution through stock issuance.
Insurance operations are central to Berkshire's value creation.
The non-sexy nature of insurance deters replication.

Pershing Square's Permanent Capital Advantage

Ackman discusses Pershing Square's unique structure with anchor stakes in public vehicles and permanent capital, enabling long-term investment without constant fundraising pressure. This structure, he believes, avoids major mistakes caused by capital raising distractions.

Pershing Square has anchor stakes in its public vehicles.
These are permanent capital entities, allowing capital to remain invested.
This structure avoids the distraction of constant capital raising.
Permanent capital enables opportunistic investing during market downturns.
Avoids major investment mistakes caused by fundraising pressures.

The Bremont Watch Investment Journey

Ackman shares the story of getting involved with Bremont watches, starting with a personal purchase and leading to a minority stake. Despite initial growth strategy challenges, he views it as a 'hobby investment' and has since become more involved, taking effective control to guide its transformation.

Initial involvement with Bremont watches through personal purchase.
Acquired a minority stake based on character assessment of founders.
Initial growth strategy (boutiques) did not work as planned.
Became more involved, taking effective control to guide transformation.
Views it as a 'hobby investment' with potential for growth.

Recruiting Top Talent: The CEO Selection Process

He describes the process of recruiting CEOs, emphasizing finding individuals with prior experience, passion, capability, and strong character. Ackman believes he has a strong ability to judge people, honed over years of experience.

Recruiting CEOs involves finding experienced, passionate, capable individuals.
Strong character and honesty are crucial assessment factors.
Expert networks provide 360-degree views of candidates.
Ackman believes he is a good judge of people.
This skill is essential for successful leadership placement.

Addressing Misconceptions and Public Perception

Ackman addresses misconceptions about him, stating that media portrayals often paint him as a 'fire brand' while in person he is more amiable. He clarifies his motivation is seeking truth, not hostility, and acknowledges past reputational damage from short-selling activities.

Misconceptions exist due to media portrayals versus personal interactions.
Media often depicts him as a 'fire brand' or hostile.
His core motivation is seeking truth, not hostility.
Past short-selling activities (e.g., Herbalife) caused reputational damage.
He has not made a traditional activist investment in over a decade.

Defining Success: Impact and Meaningful Contribution

Ackman defines success as having a significant life with the greatest beneficent impact on the largest number of people. He sees the brain institute as a key avenue for achieving this, alongside personal fulfillment through family and meaningful work.

Success is defined as having a significant life with broad beneficent impact.
Prioritizes family and friends, then extends impact to a larger number of people.
The brain institute is seen as a major avenue for impact.
Personal fulfillment comes from meaningful work and relationships.
Aims to live a life that contributes positively to humanity.