What does Ackman think about UMG and WMG? In short, he thinks they’re both under-valued – but that, out of the two, UMG’s the better bet. And he believes that his investors’ chances of making a long-term loss on their near-$4 billion combined investment into Universal is “minimal”. Source: Bill Ackman: Universal and Warner are both under-valued… but UMG’s the right bet for us