Hedge fund manager Bill Ackman described Fannie Mae and Freddie Mac as "stupidly cheap" investments, according to recent market commentary. The government-sponsored enterprises saw their stock prices rise more than 30% following Ackman's remarks.

Ackman, who leads Pershing Square Capital Management, made the comments as part of broader observations about current market conditions. He indicated that this represents one of the best opportunities in an extended period to purchase quality stocks.

Fannie Mae and Freddie Mac, which were placed under government conservatorship during the 2008 financial crisis, have been subject to ongoing regulatory oversight and reform discussions. The companies play a central role in the U.S. mortgage market by purchasing loans from lenders and packaging them into securities.

The stock gains came amid continued investor interest in the potential resolution of the companies' conservatorship status. Both enterprises have been operating under federal control for more than a decade, with their profits being swept to the U.S. Treasury.

Ackman's investment firm has previously taken positions in various financial sector companies and has been known for activist investing strategies. His recent comments reflect broader market sentiment about potential value opportunities in the current economic environment.