Billionaire hedge fund manager Bill Ackman thinks good stocks are still cheap despite the market’s recent sell-off.
In the new CNBC interviewthe founder and CEO of Pershing Square Capital Management says that his company recently raised $5 billion and is working hard, and about 35% has already been deployed.
“The interesting thing is that, even though the whole market is moving, I think that the stocks – the companies that we like – are still very cheap. When people compare the multiples of the market, today we are probably in the low 20s, 20-21 times earnings, something like this. And when the market is 16-17 times in history, the company in the middle of 20 years ago is very different from the company of today.
These are market weights. In the beginning, they were very large companies that could not grow very fast. Now the big companies are among the top growing businesses in the world, so the market mix is very high quality, fast growing, better businesses, so if you’re paying for the lowest 20 businesses in the entire market, it could be cheaper. “
Ackman said that “every company is an AI company today.”
“The bottom line is, will AI disrupt or AI enhance your business?”
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