Arabic version: أكمان يحذر: المضاربة تفسد أسواق الأسهم

According to Cnbc, Bill Ackman said he is worried the stock market is “broken,” arguing that speculative trading and leverage are contributing to sharp and seemingly irrational price movements. The Pershing Square Capital Management founder said on CNBC’s “Squawk Box” that stocks can trade at prices that “make no sense” to him.

Ackman said the environment can benefit long-term investors able to purchase companies at deeply discounted prices, but he questioned its broader effects. “I don’t think it’s good for the country generally,” he said. He described a return to “casino-type markets” with 95% leverage and said the resulting massive moves in stocks are not inherently good for the economy or society.

The market dislocations have also created buying opportunities for Pershing Square, Ackman said. He pointed to purchases of Microsoft during the “SaaSpocalypse” earlier this year, Amazon after it declined following President Donald Trump’s tariffs, and Alphabet after its shares moved “massively” following ChatGPT’s launch.

Ackman warned that one-day leveraged vehicles, perpetual futures and sports betting could be dangerous for investors treating stock trading as a get-rich-quick scheme. He said the situation is beneficial for Pershing Square over the long term, while reiterating that he does not believe it is good for the country. He also highlighted Visa and Mastercard as among the world’s “greatest” businesses and cited Netflix, in which he disclosed a position in August.