what is bill ackman saying about shopify?

what's your current take about,the economy itself but also where the,stock markets are in terms of fairly,valued or not,yeah i think the economy is actually,quite strong right now you know the,question is where it's going to be in,six months and 12 months but you know,we're at full employment there are,plenty of jobs available now wages are,going up um you know howard hughes uh,company we own is opening a uh a kind of,food hall the john george food hall uh,at the south street seaport we've had to,hire 600 people and they've been working,really hard to do it you've only hired,350 people in the last you know a couple,months so if you're looking for a job,there's a good one there so i think the,economy itself is very strong i had the,opportunity to see jamie dimon this,weekend i apologize i do i still am a,little congested from,from covin and jamie talked about number,one this is the,the lowest default rate period in,history uh for the consumer uh part of,the bank,and that uh their their,full spectrum of people that they you,know uh support rich that bank with jp,morgan and chase and so on uh are in the,best position they've ever been so i,think we've got you know well,capitalized consumers for the most part,although i do think lower income people,are getting,a lot of pressure from higher gas prices,higher food prices higher rental rates,um and i think the biggest problem for,the economy is inflation and inflation,is roaring it's continued to rage and uh,unfortunately the the steps taken by the,federal reserve have not uh been,effective you know since,uh you know june the first 75 basis,point increase financial conditions have,used enormously you know stock markets,up you know depending on market uh you,know 10 11 and more,um you know the look at you know the,two-year treasury which is a kind of,good indicator of,uh kind of where fed funds should be,over the next eight quarters is under,2.9 percent,and uh you know with the fed today at,you know called two and a half percent,basically the market's saying that the,the fed fed funds will average only 40,basis points,above the current rate over the next uh,two years and that implies really no,financial tightening at all,just at the last meeting,jerome powell said you know that the fed,was now comfortable that it reached a,sort of neutral,uh level of rates uh which again a,fairly extraordinary statement in a a,world with nine percent inflation so i,think the problem is and so what what,would you be advocating the fed do then,i think the fed has to be aggressive in,raising rates getting to a you know,something probably with the you know,high threes four handle,checking in to seeing how things are,going but i think rates are gonna have,to stay,four percent plus for the foreseeable,future you know 12 18 months or so in,order to to kill this inflation they may,need to take rates higher and uh i think,that's the biggest risk to the markets,is that people are not pricing that in,uh and i think the uh we need to,the fed has to take its foot off the,accelerator and,when you can borrow money,uh based off a uh you know two and a,quarter to two and a half percent so for,rate that's the you know kind of base,rate for for borrowers and inflation is,nine percent and it's going to be,persistent,certainly in the mid single digits for a,long time you borrow as much money as,you can and so the current prevailing,level of rates,is you know amping up the economy which,is why we are having uh the inflation,that we are having now coupled with the,global factors of course bill do you,like the chips act do you like the uh,the other reconciliation bill that,manson,is backing does,a lot of you know we think of the fed,but a lot of times the fed is just,enabling,uh whatever administration whatever,congress is doing you know they got to,keep rates low they get they're sort of,like partners in crime if you will for,at least,you know in my view for some of the the,profligate spending that goes on do you,like either one of those pieces of,legislation,no i think there's merit to what you say,i think what got us into this mess was,an extra couple trillion dollars of,stimulus uh that was intended you know,unfortunately when when a,new regime comes into power they want to,do something for the people that you,know elected them right and here,you know it's very very easy when you,control the congress and it's a new,administration to spend money and uh,unfortunately 2 trillion that was spent,led,was the uh you know the extra fuel that,caused the extreme,inflation and the extreme inflation is,actually affecting people uh who who are,uh you know the by administration was,trying to help i think through that,stimulus package so it's got to be very,cautious about adding more,uh fiscal stimulus at a time like this,you know the chips act again i haven't,read these in detail um but i feel like,the chips industry,you know they've got some very well,capitalized very well-run companies do,they really need 50 billion i'm sorry,whatever the number is you know 50,billion dollars more than that

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