Program and guest
Bill Ackman’s interview segment begins at approximately 27:11 in CNBC’s Election Day episode of Squawk Pod. Original English title: Squawk Pod: Election Day with Bill Ackman & Rahm Emanuel - 11/03/26 | Audio Only. The captions cover 0:00–49:59. This article covers only the Ackman segment and does not cover the approximately 27-minute discussion with Emanuel about health care at the start of the program.
Key points
- Pershing Square has made new investments in seven companies this year, at roughly three times its usual pace, and the market environment has given it a rich set of opportunities. 27:19
- Index funds are absorbing the free float, while short-term money is chasing only chip stocks and the semiconductor theme, leaving other stocks overlooked. This divergence is creating buying opportunities. 28:05
- Many quality businesses he had long wanted to buy were previously too expensive, but have now become affordable because the market’s attention is elsewhere. 28:36
- Visa and Mastercard are among the world’s greatest businesses. Previously trading at price-to-earnings ratios in the thirties, they were bought only after those multiples fell into the twenties—effectively paying for a franchise on consumer spending. 28:44
Background and notes
In the Ackman segment of CNBC’s Election Day episode of Squawk Pod, the discussion covers Pershing Square’s third-quarter performance, concentrated portfolio and changes in market structure. The captions cover 0:00–49:59. This article covers only the Ackman segment beginning at approximately 27:11, and not the approximately 27-minute discussion with Emanuel about health care at the start of the program. The views and timestamps are paraphrased from the original captions; each timestamp marks the beginning of the corresponding passage.