Tuesday, we posted up a collection of notes from the first day of the Value Investing Congress where we detailed investment ideas from David Einhorn, Julian Robertson, and more. Today we're back with notes from the second day [Wednesday] of the conference with picks from Pershing Square's Bill Ackman, Eric Sprott of Sprott Asset Management, and Whitney Tilson's hedge fund T2 Partners. Let's get to the ideas:

Bill Ackman, Pershing Square Capital Management

Ackman has been focused a lot on REITs lately. Readers are well aware of his position in General Growth Properties (GGWPQ.PK) and just recently he presented his short position in Realty Income (O).