"But Seriously, This Is Not A Laughing Matter. I'm Probably Going To Lose A Lot Of Friends To Pound Town."

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Pershing Square hedge fund manager Bill Ackman highlighted prison operator Corrections Corp. as one of the best real-estate businesses around, during a presentation at the Value Investing Congress in New York on Tuesday. The government is a major customer and there is strong demand for prison space and limited supply, Ackman explained. "It's also a hedge against your hedge fund business, because as the SEC ramps up..." Ackman said, prompting laughter at the conference. "We shouldn't joke about that," he added.

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