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Bill Ackman, founder and CEO of Pershing Square Capital Management, told CNBC that Fannie Mae and Freddie Mac could trade in the "high $40s, $50" once released from government conservatorship. The stocks round-tripped from $3 to $15 and back to $3 this year — a potential tenfold move from here. While most of Wall Street reacts to earnings quarter by quarter, Bill says his own process runs on multi-year holding periods. That is exactly why a narrow AI, hardware and energy rally has let him load up on names other investors are ignoring.
"It's actually absolutely politically critical for Fannie and Freddie to be released from conservatorship before the end of the Trump administration." — Bill Ackman
Speaking exclusively from the floor of the Tel Aviv Stock Exchange, where he is a part-owner, Bill's fund already sources pre-IPO deals there. Fannie and Freddie are his single biggest position this year and, so far, his biggest drag — the kind of concentrated, multi-year bet that gives his view on their release real weight. The full segment is covered here so you can skip it. Here are the 6 takeaways that matter.
Squawk on the Street · Oct 22, 2026
With Bill Ackman, Founder & CEO of Pershing Square Capital Management
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Key Takeaways
Fannie and Freddie could run from $3 to "high $40s, $50" once released from conservatorship — a potential tenfold return
Bill calls their release "politically critical" before the Trump administration ends
He dismisses the White House's "Great American Mortgage Company" plan as "not a viable structure"
Israel's small size and wartime "grit" are now a competitive advantage, not a liability, in sourcing Pershing Square's startup deals
"Imagine if Silicon Valley was a country, and that's Israel"
Bill expects "an amazing 2027" once the Iran and Russia-Ukraine conflicts clear
He calls the US/Israeli campaign against Iran "extremely well executed"
Pershing Square is down low single digits this year while buying Visa, Mastercard and Netflix
Netflix is a "high-growth utility" trading near 18x earnings
Meta is "incredibly undervalued" despite the post-earnings selloff, Bill says
Its $80 billion cash balance can absorb the capex raise "with a turn or two of financial leverage"
Rising rates don't scare him because "intelligence is so valuable"
Neocloud leverage is "a bit like investing in a real estate developer" — he prefers hyperscalers' balance sheets
1. Betting on Israel
Bill joined Sara Eisen live from the floor of the Tel Aviv Stock Exchange, days ahead of Israel's national election. He explained why Pershing Square Ventures has been sourcing early-stage and pre-IPO deals there despite the ongoing war.
Israel's small size and wartime-forged "grit" have become a competitive advantage, not a liability, Bill says
"Imagine if Silicon Valley was a country, and that's Israel." — Bill Ackman
He called Israel "one of the most innovative economies in the world" and argued most investors weighing it are "pretty apolitical" about the conflict. Talent density and the country's small scale, he said, are precisely what make it a productive place for his venture arm to meet founders.
