Key Takeaways
- • Pershing Square CEO Bill Ackman told CNBC's Squawk Box on November 3, 2026 that the stock market is increasingly broken, with speculative trading driving wild price swings.
- • Ackman cited leverage as the core problem, likening current conditions to "casino type markets when there was 95% leverage."
- • Ackman said dislocations have created buying opportunities for Pershing Square, which bought Microsoft, Amazon and Alphabet during recent sell-offs.
- • He warned that one-day leveraged vehicles, perpetual futures and sports betting are encouraging a get-rich-quick mentality that could have disastrous consequences for investors and the country.
- • Ackman named Visa, Mastercard and Netflix among his bullish holdings, with Netflix disclosed as a position in August.
Summary
Pershing Square Capital Management founder and CEO Bill Ackman said on CNBC's "Squawk Box" on November 3, 2026 that he believes the stock market is broken. According to CNBC, Ackman argued that the growth of speculative trading is producing sharp price swings because of the amount of leverage in the financial system. "Stocks trade at prices that make no sense to me," he said, adding that while long-term investors can benefit by buying at depressed prices, the environment is not good for the country as a whole.
Ackman compared current conditions to earlier periods of speculative excess, saying "We're back to the casino type markets when there was 95% leverage." He argued that such conditions are not inherently good for the economy or society and are contributing to large moves in individual stocks.
Ackman said the same dislocations have created opportunities for Pershing Square. The firm bought Microsoft when it was pummeled during the "SaaSpocalypse" earlier in 2026, Amazon after it fell following President Donald Trump's tariffs, and Alphabet when its shares moved "massively" following the launch of ChatGPT. He described these purchases as beneficial for Pershing Square's long-term returns while questioning their broader value for the country.
He also expressed concern about the rise of one-day leveraged products, perpetual futures and sports betting, which he said are encouraging investors to treat the stock market as a get-rich-quick scheme. Among the stocks he is especially bullish on are Visa and Mastercard, which he called among the world's "greatest" businesses, and Netflix, in which he disclosed a position in August.
Ackman compared current conditions to earlier periods of speculative excess, saying "We're back to the casino type markets when there was 95% leverage." He argued that such conditions are not inherently good for the economy or society and are contributing to large moves in individual stocks.
Ackman said the same dislocations have created opportunities for Pershing Square. The firm bought Microsoft when it was pummeled during the "SaaSpocalypse" earlier in 2026, Amazon after it fell following President Donald Trump's tariffs, and Alphabet when its shares moved "massively" following the launch of ChatGPT. He described these purchases as beneficial for Pershing Square's long-term returns while questioning their broader value for the country.
He also expressed concern about the rise of one-day leveraged products, perpetual futures and sports betting, which he said are encouraging investors to treat the stock market as a get-rich-quick scheme. Among the stocks he is especially bullish on are Visa and Mastercard, which he called among the world's "greatest" businesses, and Netflix, in which he disclosed a position in August.
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