Bill Ackman says short-term money driving market volatility

Tue Oct 6, 2015 4:59pm EDT
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NEW YORK Oct 6 (Reuters) - William Ackman, head of hedge fund firm Pershing Square Capital Management, said on Tuesday that market volatility was being driven by short-term money without regard to long-term economic fundamentals and that Valeant Pharmaceuticals International Inc was the most undervalued stock among his top holdings.

"There is a huge amount of money that moves without regard to long-term economic fundamentals," said Ackman at a Bloomberg investor conference in New York. Ackman added that the volatility was creating opportunities for long-term fundamental investors looking to pick up undervalued stocks. (Reporting by Edward Krudy; Editing by Meredith Mazzilli)