ACKMAN: I would do anything to get this guy elected

William Ackman, head of hedge fund firm Pershing Square Capital Management, said on Tuesday that financial market volatility was being driven by short-term money without regard to long-term economic fundamentals and that Valeant Pharmaceuticals worldwide Inc was the most undervalued stock among his top holdings.

Ackman also weighed in on politics, saying he believes Michael Bloomberg, a three-time mayor of New York and founder of the financial news and data company Bloomberg, would run for president in 2016 and win.

“Valeant got dragged into the story”, Ackman said, adding that a “very small part” of its business involves “repricing drugs”.

“Because he’s going to die”, Ackman said, pointing to Bloomberg’s age.

Ackman said the comments had not changed his view on the sector.

Others people who have suggested Bloomberg would make a good presidential candidate include media mogul Rupert Murdoch and writer Michael Wolff in a column for USA TODAY. Ackman pointed out that a billionaire – Donald Trump – is now the Republican front-runner.

Ackman said that if Bloomberg were to announce his candidacy for president, the stock market would go up 5% on the day he made the announcement and 10% on the day he wins.

Ackman said events on the Democratic side of the political spectrum have created an opening “like there’s never been before”, for Bloomberg to run.

Ruhle asked Ackman if he would support any other candidate for president, to which he replied, “No I’m not”. “I don’t defend that kind of behavior, but I do think it’s important that it doesn’t lead to regulation that will stifle innovation”, he said.

To be sure, Wall Street players were supporters of Bloomberg when he was Mayor of New York City, and they helped get him elected to a controversial third term in 2009.