Free NewsletterPro Login

Bill Ackman: Wars and Sticky Inflation Are Capping a Market That Wants to Run

Published Oct 22, 2026
Share:
Summary:
  • Pershing Square's Bill Ackman says the Ukraine-Russia and Iran wars, plus stubborn inflation and high rates, are the main brakes on an otherwise strong backdrop.
  • He expects cheaper energy once war risks ease and told CNBC, "We're going to have an amazing 2027."
  • Ackman is upbeat on Netflix's valuation and growth, and calls Meta a core holding with AI already accelerating its business.

Why Ackman sees a lid on stocks right now

Bill Ackman told CNBC's Money Movers that two live conflicts - the Ukraine-Russia and Iran wars - plus elevated inflation and interest rates are muting what he sees as a booming market setup. He said the Russia-Ukraine situation seems to be moving in a better direction and called the Iran conflict an "extremely well-executed war."

His take is simple: war risk has kept energy prices high. If tensions ease, he thinks oil could fall, which would help cool inflation and lift markets. He also said peace in the Middle East would be good for the region and "ultimately great for the United States," and summed up his outlook with "We're going to have an amazing 2027."

Energy, inflation, and the rate picture

Higher crude has weighed on stocks this year because investors worry expensive energy feeds inflation and nudges the Federal Reserve to keep rates higher. So far in 2026, U.S. oil is up 72%, while Brent has climbed 83%. The WTI Crude December 2026 contract was at 98.89 dollars, up 1.74 or 1.79%, at 12:41 PM EDT.

The jump is showing up in consumer data. Gasoline prices made up more than half of the latest increase in the consumer price index, with overall prices up 3.7% year over year in September. With inflation still above the Fed's 2% goal, policymakers are under pressure to keep rates elevated to tamp it down.

When markets feel uncertain, a quick daily update can help, so sign up for the free Market Briefs newsletter today.

The names on Ackman's buy-and-hold list

Ackman likes the long-term setup at Netflix. Shares fell more than 5% Wednesday after the company offered soft advertising and revenue guidance, then recovered more than 3% on Thursday. He said worries about the depth of Netflix's content are overstated given its management strength and user engagement. He noted the stock trades at 18 times earnings, calling that "one of the lowest valuations in history," and said he sees earnings rising at a mid- to high-teens rate over the foreseeable future. His punch line: "Netflix is a high growth utility."

Meta is a core position at Pershing Square. The stock slipped 6% Thursday even though the company topped third quarter revenue expectations and guided strongly for the current period. That did not bother Ackman. "We're in a world in which you cannot look at the day one trading of a stock after earnings because of how levered market participants are and how short-term they are," he said.

He added that "Meta is extremely well positioned in democratizing the use of agents," pointing to traction with its personal AI agent, Muse. In his view, Meta has "proven that AI is helping them accelerate their business and this remains an incredibly undervalued stock and that's why we own it." He first disclosed the stake in February, saying then that Meta's "long-term upside potential from AI represents a deeply discounted valuation for one of the world's greatest businesses." He also thinks Meta's spending on compute infrastructure is necessary and could eventually produce attractive returns.

What it means for your portfolio

Ackman's framework links geopolitical risk to energy, then to inflation, then to rates. If that chain loosens, he sees a stronger market by 2027, with Netflix's multiple and growth and Meta's AI momentum as examples of where he is leaning.

As economic signals evolve, get clarity each morning with our free Market Briefs to stay informed in minutes.

Disclosure

Recent News

1 2 3 … 108

Get Market Briefs delivered to your inbox every morning for free!

No fluff. No noise. No politics. Just finance news you can read in 5 minutes.

Blogs

October 16, 2026
How Boring Math Makes You Rich: The Briefs Money Spreadsheet, Explained
  • Briefs Money shows you what to do with every paycheck, and in what order: how much to spend, save, and invest, when to build an emergency fund, and which debt to pay off first.
  • The Climb to Wealth course walks you through the system step by step, and the Personal Finance Spreadsheet is where you track your own numbers.
  • Investing is one piece of building wealth. The system that gets money to your investments, and keeps it there, decides the outcome.
Read More
October 16, 2026
Common Investing Mistakes: Why a Stock Grade Is One Tool, Not the Whole Toolkit
  • The Briefs Score shows growth, income, and wealth preservation investors how well a stock fits their goal, with a separate letter grade for each one.
  • The most common mistake is treating the letter as an instruction. An A tells you a stock scores well for one goal, not that you should buy today.
  • Research works best as one input in a process you own. The grade shows how a stock stacks up. You supply the goal, the timeline, and the rules for being wrong.
Read More
October 16, 2026
How to Read a Company's Numbers Without a Finance Degree (Using Briefs Terminal)
  • Briefs Terminal lets you size up any public company in about ten minutes: what the stock costs, what it earns, how fast sales are growing, and what it pays you, all on one page.
  • It lines those numbers up against the company's closest competitors for you, so you can tell if a number is impressive or just average.
  • Below that are the income statement, balance sheet, and cash flow statement from the company's SEC filings, the latest news, and transcripts of its earnings calls.
Read More
October 16, 2026
What Type of Investor Am I? The Three Investor Archetypes, Explained
  • Briefs sorts its stock grades and monthly reports by three investor goals: growth, income, and wealth preservation. Pick yours and you know which report and which grade to read first.
  • Growth investors want stocks that beat the S&P 500. Income investors want to get paid in cash. Wealth preservation investors want stocks that hold up when the market drops.
  • The same stock can score an A- for one goal and a D- for another, so picking your goal comes before picking any stock.
Read More
October 16, 2026
How to Build a Stock Watchlist That Isn't Just Stocks You Heard About
  • A watchlist on Briefs Terminal lets you group stocks by the idea you're tracking and follow each one's price, one-day move, and 52-week high and low in one place.
  • Each list has its own name and description, so you always know why a stock is on it, and you can make as many lists as you have ideas.
  • The monthly growth, income, and wealth preservation reports under the Briefs Research tab hand you new themes to track that you didn't hear about online.
Read More
October 16, 2026
How to Choose an ETF That Matches Your Idea (Using the ETF Planning Tool)
  • The ETF planning tool takes an idea like "I want to invest in fast food companies," asks what you mean, and finds the ETFs that match, with the reasons, the holdings, and the sources.
  • Build a Plan then shows what your money could grow to in those ETFs over the years you choose, with conservative, expected, and optimistic estimates next to the S&P 500.
  • It gets you from an idea to an actual plan without researching dozens of companies one at a time.
Read More
October 16, 2026
Is This Stock a Good Buy? How to Use the Briefs Score to Tell If a Stock Fits the Way You Invest
  • The Briefs Score shows growth, income, and wealth preservation investors how well a stock fits their goal, with a separate letter grade for each one.
  • One stock can score very differently for each. Nvidia showed an A- for growth and a D- for income, because it grows fast and pays almost no dividend.
  • Seven sub scores under each grade show what earned the letter, so you can see exactly where a stock is strong or weak for your goal.
Read More
October 16, 2026
How to Tell an Asset From a Liability: The One Question to Ask Before You Buy Anything
  • The typical American household earned more in 2025 than in any year on record, yet only 30% of Americans say they could pay a surprise $1,000 bill from savings, so the problem isn't income but what the income gets spent on.
  • An asset puts money in your pocket and a liability takes money out, and the wealthy buy assets first, then let the assets pay for the fun stuff.
  • Before you buy anything, ask one question: does this put money in my pocket, or take money out of my pocket? Then you need a plan for the money you keep.
Read More
October 16, 2026
How to Build Your First $2,000 Emergency Fund and Wipe Out Every Debt Over 10%
  • Your first money goal isn't investing, it's $2,000 in its own account named Do Not Touch, built by moving 10% of every paycheck into it automatically.
  • More than a third of American adults couldn't cover a $400 surprise bill with cash or savings, according to the Federal Reserve, and that's how one bad day turns into years of credit card payments.
  • Once the $2,000 is there, attack every debt charging more than 10% interest, highest rate first, because you can't out-invest a 22% credit card so paying it off is the investment.
Read More
October 16, 2026
How to Invest Through a Crash: 3 Rules From the Worst-Timed Investor Alive
  • Meet Bunty, a fictional investor with the worst timing in history: he put $100,000 into the market in four chunks right before four crashes, never sold, and by 2025 it had grown to more than $500,000.
  • Investors who jump in and out of the market miss its best days, and missing just a handful of those days can cut your final result roughly in half.
  • The fix is ABB, Always Be Buying: you buy on a schedule through booms, crashes and scary headlines, which matches the market, and beating it takes knowing where the money is moving first.
Read More
1 2 3 … 29
Share via
Copy link