Bill Ackman, CEO of Pershing Square Capital Management, has stated that some of the highest quality businesses in the world are trading at extremely cheap prices. This is one of the best times in a long time to buy quality, he wrote in a post on X (formerly Twitter). This comes amidst a period of uncertainty, with the S&P 500 down almost 9% from its recent peak, its worst run since 2022 due to the Iran conflict. Ackman's comments suggest that world-beating U.S. companies have been left extremely cheap in the wake of this wobble. He also highlighted that the sell-off was an overreaction in price, not a permanent hit to business quality. Despite this, Ackman has been building large positions in companies he believes are unfairly beaten up. He has also taken a significant stake in Meta, arguing that the stock does not yet reflect the company's long-term upside from artificial intelligence and its global ad business.