Bill Ackman warned 'hell is coming': He then pocketed $2B in bets against market

[Brian4Liberty]

Bill Ackman warned 'hell is coming' because of virus: He then pocketed $2B in bets against markets

Pershing Square manager Bill Ackman turned a net profit of more than $2 billion on Monday after he sold his bets against the market less than one week after warning CNBC that “hell is coming” and imploring the White House to shut down the country for a month

He then used those proceeds to wager that existing Pershing bets, including hotel operator Hilton Worldwide, would rebound.

Ackman said the fund completed the exit from his bets against the market on March 23 and generated $2.6 billion compared with premiums paid and commissions totaling $27 million. The amount of capital Ackman put behind protecting credit — the actual principal wagered against the market — is unknown.

Still, the Ackman about-face came less than one week after he told CNBC’s Scott Wapner in an emotional interview that the United States was in jeopardy unless President Donald Trump closed the country for one month in a sort-of “Spring Break.”

“America will end as we know it. I’m sorry to say so, unless we take this option,” he told CNBC on March 18, five days before ending his bet against the market. “We need to shut it down now. ... This is the only answer.”
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More: https://www.cnbc.com/2020/03/25/bill...ng-hilton.html

[Bern]

lolololololol ... Never listen to talking heads on CNBC. They are there to talk their book.

[Brian4Liberty]

Wall St Hedge Fund Gamblers: "Thanks for the bailout suckers!"

[Brian4Liberty]

lolololololol ... Never listen to talking heads on CNBC. ...

Unfortunately, no matter how many people can rationally understand that fact, they can still create panic and add to the mania.

[Krugminator2]

He bought puts to hedge his long portfolio. His fund is up .4% for the year vs the market being down 20% or whatever. He is not up $2.7 billion.

Having a hedged portfolio doesn't make for a good story though.


Edit: The exact number has probably changed after today but he said the same thing I did which I don't understand how this isn't obvious to every reporter. Instead of publishing tabloid trash fake news.

[Warlord]

He bought puts to hedge his long portfolio. His fund is up .4% for the year vs the market being down 20% or whatever. He is not up $2.7 billion.

Having a hedged portfolio doesn't make for a good story though.

Meanwhile the Austrian Hedge fund is up 3,000%

https://www.theglobeandmail.com/inve...market-mayhem/

More on Spitznagel:

https://en.wikipedia.org/wiki/Mark_Spitznagel

[Krugminator2]

Meanwhile the Austrian Hedge fund is up 3,000%

https://www.theglobeandmail.com/inve...market-mayhem/

More on Spitznagel:

https://en.wikipedia.org/wiki/Mark_Spitznagel

At least you finally cited a non-idiot.

[Warlord]

At least you finally cited a non-idiot.

Well lets see.. He was a RP supporter who was an economic adviser to Rand Paul. Schiff was Ron Paul's economic adviser. Both follow the Austrian school and are Fed critics. Both are very successful.

[Krugminator2]

Well lets see.. He was a RP supporter who was an economic adviser to Rand Paul. Schiff was Ron Paul's economic adviser. Both follow the Austrian school and are Fed critics. Both are very successful.

Both are successful. One is very successful in markets and the other is a successful marketer and salesman.

[Brian4Liberty]

Media outlets are outraged. But who is really to blame? Snakes on TV, or the people who put the snakes on the TV?