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Ackman talks Herbalife, P&G, Target, Air Products

Bill Ackman
Peter Foley | Bloomberg | Getty Images

Herbalife is now a "levered pyramid scheme" because of new financing; Target has "lost some of its magic;" Procter & Gamble is a "phenomenal business with an enormous opportunity;" and Air Products and Chemicals will "make a lot of money."

Those are some of the views expressed Wednesday by hedge fund manager Bill Ackman at a charity event in New York City.

The founder of $12 billion Pershing Square Capital Management gave answers to a wide-ranging set of questions from members of the audience at The Harbor Investment Conference, which also featured Jonathan Gray of Blackstone Group, Philip Hilal of Kingdon Capital Management, Stephen Errico of Locust Wood Capital Advisers and others.

On Herbalife, Ackman weighed in on the multilevel marketing company's recent round of financing, which included a stock buyback and debt offering. He dismissed the move as just an addition to Herbalife's balance sheet.

"The company is now a levered pyramid scheme," Ackman said to laughs. "We like that."

(Read more: Ackman's Pershing Square posts 3.8% gain in Jan)