In this second part from the Milken Global Institute, Jeff Selingo engages in a provocative conversation with investor and Harvard critic Bill Ackman. They discuss the challenges facing elite higher education today—from DEI rollbacks and government funding threats to what Ackman describes as Harvard's financial crisis and governance failures. Ackman argues that administrative bloat, viewpoint homogeneity, and an unsustainable business model have undermined top institutions, while suggesting Harvard's $53 billion endowment may be significantly overvalued. The discussion explores contentious issues in admissions fairness, including legacy preferences, and concludes with Ackman's vision for higher education's future, where competition from new models might force established universities to reform or risk irrelevance.