Bill Ackman cashed in a $2.6bn credit market bet

The founder of Pershing Square, who warned that “Hell is Coming,” cached his bearish positions and focused on stocks.

Billionaire investor Bill Ackman has made over $ 2.6 billion in bets that companies will not be able to pay off their debt in less than a week after warning US citizens that Hell is coming as a result of the coronavirus.

The founder of Pershing Square told investors yesterday that he is directing his profits to the stock markets, believing that the state government has gone “All-in” to deal with the damage the virus causes to the economy.

Pershing Square revealed this month that they have paid $ 27 million in credit protection through high-quality, high-yield bonds, adding to their existing positions at these “deeply discounted rates”.

“We are becoming extremely positive about the equities and credit markets and have removed all of our hedges and are already firmly in the position to recover in the US markets.”

Source: FT

 Trader Aleksandar Kumanov

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