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.
#6 Uber Technologies, Inc. (NYSE:UBER)
Number of Hedge Fund Holders: 151
Uber Technologies, Inc. (NYSE:UBER) is among the stocks that both Bill Ackman and Jim Cramer have recommended, though Cramer has raised concerns about its near-term performance.
On September 11, Cramer questioned Uber’s earnings momentum. During his September 17 Mad Money program, he said he was not backing away from his recommendation and still believed Uber was a good investment.
Ackman’s Pershing Square Holdings had approximately $1.86 billion in economic exposure to Uber as of September 30, making it the fund’s second-largest reported position at 14% of net assets.
In his Q3 letter, Ackman argued that investors worry too much about disruption from autonomous vehicles. Uber shares fell 5% in the third quarter and 16% so far this year, even though he said the underlying business performed exceptionally well.
Ackman highlighted Uber’s strategy of partnering with multiple autonomous vehicle developers. During the quarter, Uber launched or expanded autonomous vehicle operations in London, Dubai and Croatia, and it plans to operate in 15 cities by year-end.
He also dismissed concerns that AI-powered shopping agents could weaken Uber’s delivery business, citing the complexity of local delivery, real-time inventory management and fulfillment.
Analysts expect Uber’s earnings per share to grow about 30% in 2026 and 42% in 2027, and we looked at whether that growth can continue as robotaxis spread. Check the full analysis here.
According to Ackman, Uber’s earnings were on pace to grow about 35% in 2026, and the stock traded at just 16 times earnings, its lowest valuation ever. Pershing Square expects the company’s EPS to compound at 25% or more over the long term and believes the market assigns too high a probability to disruption from autonomous vehicles.
Uber also shows up in Nancy Pelosi’s trading disclosures, where her husband bought call options on the stock. Click to see the details.
#5 Mastercard Incorporated (NYSE:MA)
Number of Hedge Fund Holders: 158
Mastercard Incorporated (NYSE:MA) is one of Jim Cramer’s favorite payment companies. During a CNBC Investing Club morning meeting in October, Cramer compared Mastercard with Capital One Financial, a stock held by his Charitable Trust, and said he considered Mastercard the better business.
Cramer praised Mastercard’s growth potential and a business model that lets it benefit from payment activity without taking on the consumer credit risk that traditional lenders carry. He also expressed frustration that his investment club had not taken advantage of the stock’s earlier valuation.
Bill Ackman shares Cramer’s enthusiasm for Mastercard’s business. As of September 30, 2026, Pershing Square Holdings reported a Mastercard position valued at approximately $650.4 million, equivalent to 4.9% of its net assets.
In his Q3 letter, Ackman discussed Mastercard alongside Visa, highlighting the resilience of both companies despite investor concerns about new payment technologies.
In the third quarter, Mastercard’s organic revenue grew 14% from the same quarter a year earlier, supported by high-single-digit growth in payment volume and double-digit growth in cross-border volume. Its value-added services business grew about 19% and earnings per share rose 21%, both from the same quarter a year earlier.
Ackman also sees stablecoins and AI-powered commerce as opportunities for Mastercard’s business. He pointed to the company’s acquisition of stablecoin infrastructure provider BVNK and its work to let AI agents make secure transactions. Mastercard and Visa both face these same threats, and we compared how each one is responding. See the comparison here.
At about 24 times forward earnings, Pershing Square considers Mastercard attractively valued given its growth prospects. Ackman expects the company to generate mid-to-high-teens annual EPS growth and attractive investment returns over the coming years. We also looked at Mastercard’s moat and the one growing threat to it. Read the full breakdown here.
#4 Visa Inc. (NYSE:V)
Number of Hedge Fund Holders: 194
Visa Inc. (NYSE:V) is another payment company that Bill Ackman and Jim Cramer both support.
During a February 25, 2026, episode of Mad Money, Cramer answered a caller who was worried about Visa’s share price and repeated his positive view of the company. He called Visa and Mastercard excellent growth businesses and said he slightly prefers Mastercard.
Cramer also said investors should consider buying these payment companies when market sentiment turns negative, because their stock prices fall out of favor from time to time even when their businesses stay strong.
Visa is also a common stock pick between Claude, Ackman and President Trump, as we covered earlier. Click to see why.
Ackman’s Pershing Square Holdings reported approximately $644.5 million in economic exposure to Visa as of September 30, representing 4.9% of its net assets.
In his third-quarter letter, Ackman highlighted Visa’s strong results. Organic revenue grew 12%, earnings per share rose 17% and value-added services revenue grew about 27%, all from the same quarter a year earlier. Higher payment volumes and continued growth in international transactions supported the results.
Ackman also addressed concerns that stablecoins and artificial intelligence could disrupt the traditional payments industry. Pershing Square sees these technologies as opportunities, because they could create more transactions for Visa.
Visa has expanded its stablecoin infrastructure offerings and introduced tools that let banks and financial technology companies issue and manage digital currencies. It has also built tools that let AI agents make secure transactions.
Ackman believes Visa’s valuation of about 24 times forward earnings remains attractive. Pershing Square expects the company to benefit from continued double-digit revenue growth and mid-to-high-teens earnings growth over the coming years. ChatGPT also agrees with Ackman on Visa, and we looked at its reasons. Read the full analysis here.
#3 Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 254
Meta Platforms, Inc. (NASDAQ:META) is among the artificial intelligence stocks that both Jim Cramer and Bill Ackman favor.
During an October 6 episode of Mad Money, Cramer named Meta and Microsoft as two of his preferred ways to invest in artificial intelligence. He argued that established technology companies with strong management teams and profitable existing businesses are better positioned to profit from AI than speculative companies whose future depends entirely on the technology.
Cramer expressed confidence in Meta CEO Mark Zuckerberg’s ability to turn the company’s AI investments into profitable new products and services.
Ackman’s Pershing Square Holdings reported approximately $1.49 billion in economic exposure to Meta as of September 30, equivalent to 11.2% of the fund’s net assets.
In his Q3 shareholder letter, Ackman highlighted Meta’s improving advertising business. Meta’s core advertising business grew revenue 26% in the third quarter from a year earlier, as AI-driven improvements in content recommendations and ad targeting lifted engagement and monetization.
Ackman also expressed optimism about Meta’s newly launched Muse personal AI agent and Meta Enterprise Platform. He believes these products could create additional revenue opportunities beyond the company’s core advertising business and help justify its large investment in computing infrastructure. Ackman points to Muse as Meta’s new way to earn money, and we looked at whether the AI agent can really help the stock. Check the full analysis here.
Although Meta’s valuation rose from 18 times to about 22 times forward earnings, Ackman still considers the stock undervalued.
Pershing Square expects Meta to generate annual earnings growth of 20% or more over the next several years, supported by its advertising business and emerging AI opportunities. Ackman first bought Meta after its third-quarter 2025 results, and we covered why he called the valuation cheap. Click to read the story.
#2 Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 273
Microsoft Corporation (NASDAQ:MSFT) is one of the strongest areas of agreement between Jim Cramer and Bill Ackman.
During a recent Mad Money episode, Cramer named Microsoft as one of his preferred AI investments, citing its established business model, leadership and ability to make money from artificial intelligence through existing products.
Cramer has repeatedly highlighted Microsoft’s enterprise customer relationships and growing adoption of AI products such as Copilot as advantages over smaller companies that are still trying to build profitable AI businesses.
Ackman’s confidence in Microsoft shows in the size of Pershing Square Holdings’ investment. As of September 30, 2026, the fund reported approximately $1.99 billion in economic exposure to Microsoft, making it the fund’s largest position at 15% of net assets.
In his third-quarter letter, Ackman highlighted faster growth across Microsoft’s cloud and productivity businesses. Microsoft 365 growth accelerated to 18%, and Azure growth accelerated to 48% in the most recent quarter. Growth in Azure’s commercial backlog came entirely from enterprise customers, which gives better visibility into lasting demand.
Microsoft can sell new AI tools faster than most rivals because its software already runs inside almost every large company, and we laid out the full bull case. Read the bull case here.
Ackman also praised Microsoft’s efforts to expand its AI capabilities through Copilot, its own AI models, custom Maia chips and new enterprise security products.
Microsoft shares rose sharply, and the stock’s forward earnings multiple climbed from 19 times to about 25 times. Even so, Pershing Square maintained that the stock remained undervalued. Ackman expects Microsoft to generate high-teens annual earnings growth over the long term as AI adoption expands across its software and cloud businesses.
Cramer said a slowdown in data center construction could help established cloud companies, and Microsoft ranks second among the five stocks he is bullish on. Click to see his full list.
#1 Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 369
Amazon.com, Inc. (NASDAQ:AMZN) tops our list of the best stocks to buy according to Bill Ackman and Jim Cramer.
Cramer recently recommended Amazon as a potential beneficiary of a slowdown in data center development. He argued that established cloud computing companies with extensive existing infrastructure could benefit as smaller competitors struggle with higher financing costs and delays in building new facilities.
Cramer also discussed the possibility of Amazon shares reaching $300, which would be nearly 10% above where they traded at the time.
Ackman’s Pershing Square Holdings reported approximately $1.48 billion in economic exposure to Amazon as of September 30, accounting for 11.2% of its net assets.
Billionaire Stanley Druckenmiller’s Duquesne Family Office raised its Amazon stake by 1,083% in the second quarter, and we looked at the risks from the company’s AI spending. Check the full analysis here.
In his Q3 shareholder letter, Ackman highlighted faster growth at Amazon Web Services, where revenue growth accelerated to 39% in the third quarter from a year earlier, its fastest pace in nearly five years. He also praised Amazon’s retail business, where paid units grew 12% from a year earlier, helped by rising e-commerce penetration and early adoption of agentic shopping.
Even with these results, Pershing Square believes investors put too much emphasis on Amazon’s huge capital spending plans. The company expected to spend approximately $220 billion on capital expenditures in 2026, and management said it expects to spend meaningfully more in 2027.
Pershing Square believes Amazon remains undervalued and can compound earnings at an annual rate above 20% over the long term. Amazon also ranks second in President Trump and Nancy Pelosi’s portfolio, and we covered what L1 Capital says about its AI spending and free cash flow. Read the full analysis here.
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