The Motley Fool·2026-03-11 09:06Group 1: Chipotle Mexican Grill (CMG) - Bill Ackman of Pershing Square Capital Management completely exited his position in Chipotle Mexican Grill, which was previously his top holding by market value [2][4] - Chipotle's shares have more than quadrupled from September 30, 2016, to the end of 2025, significantly outperforming the S&P 500 [5] - Comparable restaurant sales for Chipotle fell by 1.7% in 2025, indicating a decline in transactions despite passing higher prices to consumers, suggesting inflationary pressures are impacting performance [8] - The forward price-to-earnings ratio for Chipotle is 26, which is considered a premium for a restaurant chain experiencing declining existing-store sales [9] Group 2: Amazon (AMZN) - Bill Ackman has significantly increased his stake in Amazon, acquiring an additional 3,784,508 shares in the December-ended quarter, bringing his total to over 9.6 million shares, making it the new No. 3 holding for Pershing Square [11][12] - Amazon accounted for 37.6% of U.S. retail e-commerce in 2024, highlighting its dominance in the online marketplace [12] - While e-commerce generates substantial revenue, it is often low-margin; the majority of Amazon's operating income comes from Amazon Web Services (AWS), which is experiencing reaccelerated growth due to generative AI and large language model solutions [13] - Amazon's shares are currently trading at just under 10 times forecast cash flow for 2027, making them historically inexpensive compared to the median multiple of 30 throughout the 2010s [14]