Activist investor Bill Ackman, who runs $12 billion Pershing Square Capital Management, spoke at the Sohn Investment Conference moments ago.
He's gave a bullish case on Procter & Gamble.
Pershing Square owns almost 30 million shares of P&G.
He said they think it's one of the "great businesses" in the world.
He said it's vastly under-earning relative to its intrinsic earnings power.
Last year at Sohn, Ackman pitched going long JCPenney. The stock has fallen about 35% since then.
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