Bill Ackman Dismisses US Stock Bubble Concerns, Blaming High Leverage for Market Volatility

Billionaire investor Bill Ackman rejected claims that the US stock market is in an unsustainable bubble, instead calling market structure 'broken' due to excessive leverage and short-term speculative trading. Speaking on CNBC, the Pershing Square founder noted leverage levels reaching up to 95%, fueled by one-day options and perpetual futures. Despite severe price swings, Ackman views current conditions as lucrative entry points for long-term investors. Pershing Square accumulated positions in companies including Microsoft, Amazon, Visa, Mastercard, and Netflix, projecting roughly 20% annualized earnings growth over three to five years, compared to 13% for the S&P 500.