October 6, 2015 / 9:00 PM / in 3 years

Bill Ackman says short-term money driving market volatility

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below