In a press release, billionaire investor Bill Ackman explains a wild month that left his firm up 0.2%
“Hell is coming,” he said of the virus, “There is a tsunami coming.”
Markets plunged during the interview and hit a circuit breaker, closing for 15-minutes. Ackman says it’s “Perhaps, he’s right. But during a sharp correction, a highly-followed billionaire investor sounding panicked on primetime financial television doesn’t help things. Furthermore, most of the companies Ackman mentioned by name hit their 2020 lows as he spoke, falling as much as 20%-plus intraday.
He tried to sound more measured in an interview with Bloomberg Television’s Vonnie Quinn, which more clearly laid out his bullishness. Ultimately, Pershing Square may end March up for the year, a heroic performance in such cratering markets. “By Wednesday, March 18th at 12:30pm, when I appeared on CNBC, we had already sold slightly more than half of the notional amount of our CDS, realizing a gain of more than $1.3 billion, with the unrealized portion of our hedge having a market value at that time of $1.3 billion for a total of $2.6 billion,” he said. “Importantly, He further explained, “I went on CNBC to further explicate my tweets, and to explain why I had gone from being very bearish to bullish, with a caveat.
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