Following is the unofficial transcript of a CNBC interview with Pershing Square Capital Management CEO Bill Ackman and CNBC’s Scott Wapner live during the CNBC Delivering Alpha conference today, Thursday, September 28th.

Following is the unofficial transcript of a CNBC interview with Pershing Square Capital Management CEO Bill Ackman and CNBC’s Scott Wapner live during the CNBC Delivering Alpha conference today, Thursday, September 28th.

Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob worked as an equity analyst covering small caps, a micro-cap analyst, doing member development a large hedge fund community and freelance financial writing. Jacob lives with his wife and five kids in Passaic NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal id. Other methods of secure communication are also available. FD: I almost exclusively avoid the purchase of equities to avoid conflict of interest and any insider information. I only purchase broad-based ETFs and mutual funds. I will disclsoe if I have a stake in any company, but in general avoid