Hedge fund titan Bill Ackman, the CEO of Pershing Square Capital, participated in a panel at the CNBC Delivering Alpha Conference on Wednesday, and he explained why he doesn't invest in tech companies.
"We like businesses that will withstand the test of time," Ackman said, adding that tech companies were "too dynamic."
The 49-year-old investor is known for typically being a long-only activist investor, taking large positions in a handful of large "undermanaged" companies and advocating changes by management. He also likes "predictable" businesses.
Pershing's portfolio includes positions in Valeant, Actavis, Zoetis, Restaurant Brands (Burger King), and Canadian Pacific, just to mention a few. He has previously invested in retail stocks as well as restaurant stocks.
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