Deals
Coronavirus Had Ackman Consider Liquidating Portfolio
- Activist investor used proceeds from virus hedge to reinvest
- Pershing boosts holdings in Berkshire, Lowe’s and Hilton
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Activist investor Bill Ackman was so concerned about the potential impact of the coronavirus that he considered liquidating his hedge fund’s entire portfolio for the first time.
Instead, the billionaire opted for another strategy: a lucrative credit hedge that earned his firm about $2.6 billion in profits when the market plummeted.