REUTERS: William Ackman's Pershing Square Capital Management no longer has hedges on its stock portfolio, but still has some cash to invest if equities decline further as the United States battles the coronavirus outbreak, the billionaire investor said on Saturday.
Pershing Square earned roughly US$2.6 billion by hedging its stock portfolio in early March through credit protection on investment grade and high yield credit indices. Much of the money has been reinvested in stocks the firm already owns."Today, we are unhedged, and we no longer own any insurance", Ackman said in a Twitter thread, adding that he continues to believe the sooner the entire United States is shut down, the more lives will be saved and the sooner the economy will recover.
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