Ackman warns leveraged speculation fuels stock market volatility
PSH•Bill Ackman warned that rising leveraged speculation is driving sharp stock-price swings and disconnecting valuations from business fundamentals. Pershing Square used sharp sell-offs to buy Microsoft, Amazon and Alphabet; Ackman remains bullish on Visa, Mastercard and Netflix.
1. Leverage and volatility
Bill Ackman warned that rising leveraged speculation is driving sharp stock-price swings and disconnecting valuations from business fundamentals. Forced unwinding of leveraged positions can amplify losses, trigger further selling and spread pressure across assets.
2. Pershing Square’s holdings
Pershing Square used sharp sell-offs to buy Microsoft, Amazon and Alphabet. Ackman remains bullish on Visa, Mastercard and Netflix, favoring durable market positions and recurring revenue.
