Bill Ackman warns the stock market is back to being a "casino" because of leverage

FinanceInternationalCNBCNov 3, 2026, 9:59 AMAI summary

Bill Ackman, founder of Pershing Square Capital Management, told CNBC the stock market is "broken" and that the rise of speculative trading is driving wild price swings due to leverage in the system. "We're back to the casino-type markets when there was 95% leverage," he said. He pointed to one-day leveraged vehicles, perpetual futures and sports betting as dangerous for investors treating the market as a get-rich-quick scheme. Still, he said those dislocations let him buy Microsoft, Amazon and Alphabet at attractive prices.

In 40 seconds

Ackman said on CNBC that "every number of days" he feels markets are broken and stocks trade at prices that make no sense to him.
He warned that leverage in the system recalls casino-type markets with 95% leverage.
He flagged one-day leveraged vehicles, perpetual futures and sports betting as risks for investors.

Read the full story at CNBC

IASummary generated by artificial intelligence from a story by CNBC. It may contain errors: the original source prevails.

mercados
apalancamiento
Pershing Square
inversionistas

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Bill Ackman warns the stock market is back to being a "casino" because of leverage

In 40 seconds

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