8 Stocks Bill Ackman and Jim Cramer Are Bullish On

Bill Ackman and Jim Cramer are two of the most closely followed names on Wall Street. Cramer’s stock picks already get plenty of coverage, and we just looked at five stocks he is bullish on. See the five picks here.

Ackman founded Pershing Square Capital Management in 2004. From 2004 through early 2026, the firm returned 15.9% a year after fees, compared with 10.7% a year for the S&P 500.

Ackman has been vocal about AI. In its Q3 2026 investor letter, Pershing Square said Wall Street worries too much about what big tech spends on AI and gives too little credit to the revenue and profit that spending could bring. Read the letter here. His portfolio also overlaps with Nancy Pelosi’s trading disclosures, and we covered the two stocks they both own. Click to see the overlap.

In an interview with CNBC earlier this month, Ackman said he does not see a repeat of the Roaring 1920s in the stock market. Earnings expectations have risen meaningfully this year, and stock valuations look low compared with the market’s growth, he said. He sees more froth in private venture markets, where fear of missing out drives deals, but said much of it is justified. He called AI a global race for superintelligence and said the United States cannot afford to finish second.

In a separate interview with the Milken Institute, Ackman said the impact of AI will be the story of 2026, 2027 and probably 2028. He said the cost of intelligence is falling and called intelligence the most valuable asset in the world. He believes the AI spending boom is sustainable because big tech companies have the cash and credit to raise capital, and because the return on computing power is well above the cost of capital. He worries more about pure-play neocloud companies, which he compared to highly leveraged real estate developers. He sees no repeat of the 1999 internet bubble because AI companies such as Anthropic run profitable, fast-growing businesses, he said.

Below are the eight stocks that appear in both Ackman’s portfolio and Cramer’s commentary, ranked by the number of hedge funds that hold them.

Methodology

To compile our list of the 8 best stocks to buy according to Bill Ackman and Jim Cramer, we read Pershing Square Holdings’ third-quarter shareholder letter, released on November 2, 2026. We picked stocks that Pershing Square holds and that CNBC host Jim Cramer has been bullish on. This gave us eight companies.

We ranked the eight companies in ascending order by the number of hedge funds that held stakes in them at the end of the second quarter of 2026. The hedge fund count comes from Insider Monkey’s database of 1,006 hedge funds.

For each company, we also cover Ackman’s investment thesis and the value of Pershing Square Holdings’ position as of September 30, 2026. These figures show the fund’s reported economic exposure, which includes shares held directly and exposure through certain derivatives.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter strategy selects 14 small-cap and large-cap stocks every quarter and has returned 612% since May 2014, beating its benchmark by 375 percentage points (see more details here).

You can click the image below to see the top 4 stocks in the list in our YouTube video.

#8 Restaurant Brands International Inc. (NYSE:QSR)

Number of Hedge Fund Holders: 32

Restaurant Brands International Inc. (NYSE:QSR) is one of the restaurant stocks that both Bill Ackman and Jim Cramer favor. Earlier this year, Cramer said he prefers Restaurant Brands to McDonald’s, citing the improving performance of Burger King and the leadership of executive chairman Patrick Doyle.

Seth Klarman’s Baupost Group also owns the stock, and we looked at why the value investor is buying it while the market chases AI. Click to read why.

Ackman’s Pershing Square Holdings reported a Restaurant Brands position worth approximately $1.24 billion, representing 9.4% of its net assets, as of September 30, 2026.

In his latest quarterly letter, Ackman highlighted Restaurant Brands’ improving operating performance, noting that the company had delivered five consecutive quarters of global same-store sales growth above 3%. He also expressed confidence in the company’s return to a capital-light business model through the sale of company-owned restaurants, and he expects approximately 8% operating profit growth in 2026.

Even after these improvements, the stock traded at just 17 times earnings, which Ackman described as a material discount to his estimate of its intrinsic value. Pershing Square believes sustained earnings growth, financial leverage and share repurchases could generate mid-teens total returns even if the stock’s valuation multiple stays the same.

Pershing Square highlighted Restaurant Brands again in its third-quarter investor letter, and we looked at the growth opportunity the company is pursuing. Read the full breakdown here.

#7 Brookfield Corporation (NYSE:BN)

Number of Hedge Fund Holders: 43

Brookfield Corporation (NYSE:BN) is another company favored by Bill Ackman and previously endorsed by Jim Cramer. During a February 2025 episode of Mad Money, Cramer praised Brookfield’s management, particularly CEO Bruce Flatt, and described its executives as exceptionally capable operators. Cramer said he would see weakness in Brookfield shares as a buying opportunity.

Ackman’s conviction in Brookfield remains strong. As of September 30, 2026, Pershing Square Holdings had approximately $1.48 billion of economic exposure to Brookfield, representing 11.2% of the fund’s net assets.

In his Q3 shareholder letter, Ackman defended the investment even though Brookfield shares fell 14% in the third quarter and 20% so far this year. He said concerns about higher interest rates and slower asset sales had weighed too heavily on the stock’s valuation.

Brookfield also gets AI exposure through power, and it has a framework agreement to supply 10.5 gigawatts of electricity to Microsoft. Click to see the AI angle.

Ackman believes Brookfield is better positioned than many alternative asset managers because it focuses on real assets. He also pointed to its acquisition of Just Group, which gave Brookfield Wealth Solutions a roughly $40 billion long-duration liability portfolio.

Pershing Square expects Brookfield to deliver at least mid-teens distributable earnings-per-share growth over the next 12 months. The company has also set a five-year target of 24% compounded annual EPS growth.

Ackman considers Brookfield particularly attractive at about 11 times estimated earnings, a discount of about 20% to peers KKR and Apollo, even though consensus expects Brookfield to grow faster. We also made the case for why Brookfield is a cheap stock in Ackman’s portfolio. Click to see why it looks cheap.