NEW YORK, Oct 6 (Reuters) - William Ackman, head of hedge
fund firm Pershing Square Capital Management, said on Tuesday
that market volatility was being driven by short-term money
without regard to long-term economic fundamentals and that
Valeant Pharmaceuticals International Inc (NYSE:VRX) was the most
undervalued stock among his top holdings.
"There is a huge amount of money that moves without regard
to long-term economic fundamentals," said Ackman at a Bloomberg
investor conference in New York. Ackman added that the
volatility was creating opportunities for long-term fundamental
investors looking to pick up undervalued stocks.