Ackman warns of U.S. stock market 'casinoization'... cites leverage and short-term speculation

Bill Ackman, founder of Pershing Square Capital Management, said on CNBC's "Squawk Box" that U.S. equities have returned to a "casino-like" market driven by leverage and short-term speculation, citing a past environment where leverage reached 95% — a historical reference, not a current measurement. Ackman said the market "feels broken" every few days and that stocks are trading at hard-to-justify prices, warning that such volatility harms the economy and society. He suggested long-term investors could find opportunity if they can buy quality stocks at those dislocated prices. The comments matter as a high-profile hedge fund manager publicly flagging speculative excess in U.S. equities. Watch for whether Ackman's firm discloses new long positions or hedges, and for further public remarks on leverage and market structure.