Bill Ackman Goes Into More Detail On His J.C. Penney Investment

Bill Ackman said JC Penney (NYSE: JCP) is the most economically sensitive investment he has made. He said at the Value Investing Congress, while most retailers have rallied since 2009, JCP is the same as it was in '09.

Ackman loves J.C. Penney's strong balance sheet, great real estate, significant non-operating assets. Bill Ackman mentioned he learned about some of J.C. Penney's non-operating assets through the General Growth bankruptcy.