Bill Ackman, founder of Pershing Square Capital Management, says the stock market feels broken as speculative trading and leverage drive wild price swings. He said markets have returned to 'casino type' conditions when leverage reached 95%, warning that one-day leveraged products, perpetual futures and sports betting are dangerous for investors treating stocks as a get-rich-quick scheme. Still, such dislocations allowed Pershing Square to buy Microsoft, Amazon and Alphabet at attractive levels. Ackman is especially positive on Visa, Mastercard and Netflix, in which he disclosed a position in August.
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