Bill Ackman responds to critics of 'hell is coming' TV interview and $2.6B windfall
Ackman acknowledged hedging portfolio, says he didn't sell off stocks
Hedge fund manager Bill Ackman said on Thursday that critics of his "hell is coming" declaration on CNBC and $2.6 billion windfall that appeared to follow don't understand the timing.
Ackman was accused of playing up coronavirus fears after making a $27 million bet against the market that paid off big-time.
"We made $2.6 billion prior six days prior to my coming on CNBC. I gave a message of optimism," Ackman told "Mornings with Maria." "We did hedge our portfolio ... to protect our investors, which is our fiduciary obligation. We didn't sell our stocks, actually. That enabled us to benefit from a recovery."
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Ackman said he has been "long-term bullish" on the U.S. economy.
Bill Ackman, chief executive officer of Pershing Square Capital Management LP, speaks during a Bloomberg Television interview in New York, Nov. 1, 2017. (Photographer: Christopher Goodney/Bloomberg via Getty Images)
"My view was, as long as you start shutting down the country, the market will recover," he said. "The day after the appearance on CNBC, California shut down. ... New York shut down, then every state in the country, effectively almost every state, went through the shutdown process."
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Ackman had said President Trump should shut down the country before the president declared a national emergency in March.