Bill Ackman's hedge fund Pershing Square Capital Management recently revealed their long position in shares of Corrections Corporation of America (CXW). At the Value Investing Congress, Ackman labeled CXW as 'one of the best real estate businesses around.' He also said that it could potentially make a nice pairs trade. While he didn't intend it to be this way upon execution, his short position in Realty Income (O) was also recently revealed a few weeks ago and he thinks it makes a nice short to complement the CXW long. (You can also view Ackman's presentation on Realty Income).

Embedded below you will find the presentation Ackman gave on CXW at the Value Investing Congress: