Ackman Adds 'Toll-Takers' to Pershing Square Portfolio

Pershing Square's Bill Ackman has added six new stocks to his firm's portfolio in the second quarter, taking advantage of what he sees as a 'highly attractive environment' for non-AI related investments.

Ackman, known for big and bold bets, made a quieter move by buying these six different stocks at once. The new additions include Visa, Mastercard, Intercontinental Exchange, Netflix, and Alcon, which join existing stakes in Microsoft, Uber, Amazon, and Meta.

Ackman calls the new names 'toll-takers' and 'capital light toll-takers', as they charge small fees on transactions without taking on significant risk. He believes these steady, cash-producing businesses have been unfairly discounted by the market.