Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Watch Fortune Daily, our new video show that brings you inside the Fortune newsroom and the boardroom

Iran says it has a deal to reopen the Strait of Hormuz—and shipowners are outraged by its plan to charge fees

Good morning. On Fortune’s radar today:

Bill Ackman on his campaign against socialism.

Iran and Oman have a deal to reopen the Strait of Hormuz.

AI capex is rising faster than analysts can track it.

The Iran war boosted the sale of hybrid electric vehicles.

Gen Zers spend more than they save.

AI has given us a new way to make mistakes.

➡️ Did someone forward you this email? If you would like to receive this information directly, every morning before the markets open in New York, sign up here.

Bill Ackman on the ‘disaster’ of socialism

Bill Ackman, founder of the $8 billion hedge fund Pershing Square, told Fortune’s Alyson Shontell that, “One of our biggest challenges as a country is that almost half the country isn’t participating in the growth in value created by capitalism—the stock market. Either they don’t have 401(k) plans or they don’t own stocks.”

“Wages can’t compound as quickly as stocks,” he said, which is how you end up with “people feeling left behind.” That alienation is why “you’ve seen a move toward publicly pronounced socialist candidates winning things like the New York City mayoralty,” he said. “But the answer isn’t socialism—socialism is a disaster.”

Interestingly, Ackman’s diagnosis of the problem is the same as that of Thomas Piketty, the French economist who specializes in researching the sources of inequality, and was the author of the bestseller Capital in the Twenty-First Century. The book argues that the value of assets compounds faster than the rate at which wages grow, and this is why the rich get richer faster than those relying on cash........

© Fortune