Bill Ackman on What’s Really Going On in Higher Ed

At this year’s Milken Conference, I had the chance to hear Bill Ackman speak. Like many people, I’ve followed his work for years and have always admired his confidence, clarity, and willingness to challenge the status quo. I expected him to speak about the markets or investing.

Instead, he talked about higher education.

It was unexpected, but in a good way. Thoughtful, nuanced, and at times, deeply reflective. He used Harvard, his alma mater, to illustrate some of the bigger questions he believes we should be asking about the future of our universities. From governance and financial stewardship to access and opportunity, his message was less about critique and more about rethinking how we align the values of higher education with the needs of today’s world.

One idea that stuck with me was his analogy. He asked, if a university were a business, would we say it was being run well. It was a simple but powerful question. Not because universities should be run like corporations, but because both types of institutions need strong leadership, responsible planning, and a clear sense of purpose. In a time when tuition is rising and expectations are shifting, it felt like a fair question to ask.

He also talked about the role of diversity and inclusion, and the importance of open dialogue. He spoke about the need to create learning environments that are both welcoming and intellectually rigorous — where students are encouraged to think thoughtfully, engage with a wide range of perspectives, and ask questions that challenge their assumptions. That struck me as not only reasonable, but essential.

What I appreciated most was that his talk wasn’t focused on one solution or point of view. It was about stepping back and asking whether our most established institutions are evolving in the right ways. Are we investing in what matters most? Are we creating systems that support students, faculty, and the long-term mission of education. Are we listening when people ask for change  and are we willing to reflect when something might not be working as well as it could.

It made me think about the broader role of leadership in any field. Whether in education, business, or government, the leaders I admire most are the ones who stay open to new ideas while remaining grounded in purpose. The ones who are willing to ask hard questions not to criticize, but to improve.

I left the session feeling more curious than certain, and I think that’s a good place to be. These are not easy conversations, but they are important ones. If we want our institutions to thrive, we have to create space for dialogue, reflection, and steady progress.

If you attended the conference or have thoughts on this, I would love to hear what resonated with you. Sometimes the most meaningful conversations begin with a simple question, are we doing the best we can, and what might it look like if we tried.