AN $80 BILLION HEDGE FUND WARNS OF A 1920s REPEAT. BILL ACKMAN DISAGREES. Elliott Investment Management is warning that debt-funded AI spending, circular financing deals and speculation could trigger a major market collapse. But Bill Ackman pushed back today. 🔹 Public stocks: Earnings expectations have risen, supporting valuations. 🔹 Private markets: Ackman sees more bubble like behavior driven by FOMO. 🔹 Speculation: One day options and gambling are where he sees real excess. Here’s what’s interesting. Elliott fears another historic market unwind. Ackman sees no broad stock market bubble. Yet both are concerned about the speculative behavior surrounding today’s markets. I believe it would take far more than a stock market crash to stop the AI revolution. The technology can keep advancing even if investors in overpriced companies lose fortunes.