Ackman keeps a close eye on prices as he counts hotels, restaurants, retailers, and real-estate developers among his holdings.
"There's very, very significant inflation," the investor noted in July. "You're seeing house prices go way up — you have to have a friend who knows the CEO in order to buy a home."
The Pershing Square chief added that stimulus checks have forced hotels and restaurants to raise wages in order to attract workers, and predicted the hikes would continue.