Bill Ackman says some high-quality stocks are 'extremely cheap' — and highlights 2 that could offer 10x returns

• Bill Ackman thinks many high-quality stocks are trading at an attractive discount.
• The hedge-fund billionaire recently touted Fannie Mae and Freddie Mac as having major upside potential.
• Fellow famed investor Michael Burry said he shares Ackman's perspective on market bargains.

As the volatile US stock market hovers near correction territory, Bill Ackman is focused on a handful of enticing buying opportunities he sees in the market.

The billionaire founder of Pershing Square Capital Management took to took to X on Sunday with a rosy outlook for stock-picking.

"One of the best times to buy quality," he said. "Ignore the bears."

In a follow-up post, Ackman identified Fannie Mae and Freddie Mac — both down rough 40% this year — as "stupidly cheap," adding that they could offer return 10 times returns from current levels.

Michael Burry of "The Big Short" fame jumped into the fray, replying to Ackman's post about Fannie and Freddie with his own bullish take:

Ackman had bullish social-media commentary on the two companies in the weeks leading up to his latest posts, which also garnered support from Burry. The focal point of his argument was that the two firms were treated unfairly by the US government following the financial crisis of 2008.

In December 2025, Burry disclosed a sizable stake in both Fannie and Freddie after previously being critical of them. In his newsletter, he noted that they had played a significant role in the 2008 housing market collapse by purchasing large amounts of subprime mortgages, but that his perspective had shifted with the Trump administration back in power due to certain policies the president had floated.

"Agree with Bill Ackman/Pershing Square," he stated on Substack. "This is an important read for all interested in Fannie Mae and Freddie Mac."