One of the best ways to see where "smart money" is moving is to look through the regulatory filings of money managers. Bill Ackman, a hedge fund manager and CEO of Pershing Square Capital Management, is a closely followed investor on Wall Street.

Ackman is known to keep a limited number of stocks in his portfolio -- only taking positions in high-conviction opportunities. In 2023, it was revealed that Ackman had initiated an investment in (NASDAQ: GOOG) (NASDAQ: GOOGL).

This seemed a curious move as the artificial intelligence (AI) revolution was only beginning to take shape. Why Alphabet instead of Microsoft, Amazon, Nvidia, or a number of other players?

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Source Fool.com