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The hedge fund manager Bill Ackman has claimed his firm made $2.6B (£2.2bn) betting that the coronavirus outbreak would cause a market crash, barely a week after warning that “hell is coming” for US companies...
On 23 March, we completed the exit of our hedges generating proceeds of $2.6bn for the Pershing Square funds, compared with premiums paid and commissions totaling $27m.
The hotel industry and the restaurant industry will go bankrupt first, Boeing is on the brink, Boeing will not survive without a government bailout.
We became increasingly positive on equity and credit markets last week, and began the process of unwinding our hedges and redeploying our capital in companies we love at bargain prices that are built to withstand this crisis, and which we believe will flourish long term.