"I believe in economic recovery, but I think that the valuations are just too high relative to the uncertainties," the cantankerous billionaire says.
Warren Buffett bought more than $800 million worth of Bank of America stock this week, boosting his stake in the banking titan to north of 11%.
Ackman thinks it's unrealistic to bet on a coronavirus vaccine before next year. As for the rest of 2020, the recovery will ebb and flow, he says.
Visibility is difficult right now, and investors don’t like not knowing what’s ahead.