[ethanolburner]

Ackman is both. He is an activist in some of his plays, however, as can be seen through his publicly traded fund $PSH, most of his investments are long-term value investments which is also the sentiment echoed in his investor letters/presentations.

However, to the point of his SPAC vehicle - $PSTH, he has already stated in some interviews that he is not always looking for activist plays, and that $PSTH does not need to be one.