In a recent interview with CNBC, billionaire investor Bill Ackman said he’s bullish on the U.S. and markets over the long term but added “I’m cautious on markets over the next period of time,” adding, “We are bearish on highly levered companies.”

According to Ackman, companies with heavy debt loads will “struggle because it will take time for the economy to reopen,” noting his belief that the Fed won’t bail out heavily leveraged businesses—that have a higher likelihood of defaulting or entering bankruptcy.

“We are not short any stocks,” Ackman asserted, adding, “We are obviously bullish on America, owning restaurant companies, hotel companies, real estate development companies. These are a bet that the country will recover.”