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<\/a>William Ackman, CEO of Pershing Square Capital Management<\/p><\/div>\n
William Ackman sees plenty of opportunity for returns in real estate today. That was his observation during the kickoff to the annual DLA Piper Global\u00a0Real Estate Summit, which took place yesterday\u00a0in Chicago.<\/p>\n
The CEO of Pershing Square Capital Management was interviewed by Eastdil Secured CEO Roy March, who said he savored the chance to learn the thinking of a hedge fund manager. Asked whether today is a better time or worse time for hedge funds, Ackman seemed to favor the former. \u201cThis is a very benign economic environment, with low interest rates, low unemployment, low inflation,\u201d\u00a0<\/em>he said.\u00a0\u201cAnd opportunities for returns in real estate make it one of the very best places to invest.<\/em>\u201d<\/p>\n Ackman said his company seeks very high-quality businesses, including real estate portfolios that are stable and whose futures can be predicted. \u201cAnd we look for companies that have underperformed their potential, and where there are hidden assets<\/em>,\u201d he said.<\/p>\n Asked by March about the likelihood of Trump’s programs moving forward, Ackman responded with a question. \u201cWhy does every president as his first order of business try to redo health care, then watch it blow up in their faces?\u201d <\/em>he asked to laughter. \u201cWhat Trump should have done is tackle infrastructure improvement, where he had a chance to make some progress.\u00a0 The corporate tax rate changes are very do-able . . . That’s the most important thing the new administration could take on. Corporate tax reform, housing finance reform and infrastructure, those three things are very achievable in the next 12 months<\/em>.\u201d<\/p>\n Queried by March whether he was surprised by the continued strength of the U.S. stock market, Ackman answered in the negative. Investors, he noted, are used to investing under dysfunctional governments. \u201cPeople have seen over the last 10 years that there are a lot more chances to wring added profits from corporate America,\u201d <\/em>he noted. \u201cThe opportunities companies have to become more efficient makes it obvious stocks are not overvalued<\/em>.\u201d\u00a0<\/p>\nInured to dysfunction\u00a0 <\/strong><\/h2>\n