Bill Ackman warns stock market exhibits "casino" conditions with excessive leverage and speculative trading

Ackman said excessive leverage and speculation are driving irrational stock-price swings, criticizing leveraged products and perpetual futures. He said the volatility has created buying opportunities for Pershing Square, including Microsoft, Amazon and Alphabet. He also praised Visa and Mastercard as two of the world's greatest businesses and named Netflix as a portfolio holding.