At the Future of Everything Festival, The Wall Street Journal spoke with activist investor Bill Ackman about his firm’s investment in Domino’s Pizza and his thoughts on inflation and cryptocurrencies.

Here are some key takeaways from Ackman’s comments:

• Domino’s: “They were first and best in terms of technology and delivery. They own their own delivery infrastructures. They don’t need to rely on the DoorDashes and Uber Eats of the world, and that is actually an important competitive advantage. We’ve admired it for years, and…it was just never cheap enough. And then for about five minutes, it got cheap.”
• Inflation: “It think it’s not temporary. First of all, it’s hard to roll back wages once you roll them up.”
• The Fed: “I think they’re going to have to raise rates, for sure. And I think they adjusted their policy, in my view, just at the wrong time. A pre-emptive policy toward inflation, I think, is a better approach, particularly in a world where we have massive, massive economic stimulus.”
• Crypto: “I think crypto is a fascinating phenomenon. I think it’s a brilliant technology. I kick myself for not understanding it. It’s one of the best speculations ever…But it’s not a place where I would feel comfortable personally putting any meaningful amount of assets. And therefore, I wouldn’t invest…our firm’s assets…because there’s no intrinsic value.”