Why Bill Ackman doesn't buy tech companies

Hedge fund titan Bill Ackman, the CEO of Pershing Square Capital, explained why he doesn't invest in tech companies on a panel at the CNBC Delivering Alpha Conference.

"We like businesses that will withstand the test of time," Ackman said, adding that tech companies are "too dynamic."

The 49-year-old investor is known for typically being a long-only activist investor, taking large positions in a handful of large "undermanaged" companies and advocating management for changes.

Pershing's portfolio includes positions in Valeant, Actavis, Zoetis, Restaurant Brands (Burger King), and Canadian Pacific, just to mention a few. In the past, he's invested in retail stocks as well as restaurant stocks.

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