On Tuesday, Bill Ackman told CNBC that US equities are not in a bubble. He blamed short-term trading with borrowed money, which he said has revived speculative conditions. According to him, the sharp swings this creates hurt the broader economy but help Pershing Square, which buys shares cheaply during them. He pointed to leverage, one-day options, sports betting and perpetual futures. Pershing has bought Microsoft during this year's software selloff and Amazon after a tariff-driven decline. Ackman argued that enthusiasm for AI infrastructure companies is drawing investors away from firms with durable profits, leaving those firms cheap. He also rejected 1920s comparisons raised by an Elliott Investment Management letter. The firm's next 13F holdings report is due by mid-November.
Why it matters: The comments add to the debate over whether leveraged, short-term trading distorts prices that large investors rely on.
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