"Wall Street Heavyweight" Hedge Fund Manager: "Stock Market Is Broken... It's Like a Casino"

US billionaire hedge fund manager Bill Ackman has strongly criticized the current stock market, saying it has deteriorated into a casino due to excessive speculative trading and leverage.

Appearing on the US business news channel CNBC on November 3 local time, Pershing Square Capital Management CEO Ackman expressed concerns over the current market situation.

Pointing to the extreme price volatility in the market, he said, "Every few days, it feels like the market is broken."

Ackman diagnosed, "Stocks are trading at prices that simply make no sense," adding, "While it might be great for long-term investors if you could buy things at absurd prices, I don't think it's good for the country as a whole."

"We've gone back to a casino-like market reminiscent of the days when leverage reached 95%," he pointed out, noting that this is socially and economically undesirable and is causing extreme volatility.

Ackman expressed concern that while such market volatility could present a buying opportunity for long-term investors like Pershing Square, it is dangerous for investors seeking quick fortunes through short-term leveraged products, perpetual futures, and sports betting, and will ultimately lead to disastrous results.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.