"On March 18, billionaire investor Bill Ackman called into CNBC amid a sea of red screens, as stocks continued their coronavirus-fueled plunge due to the near shutdown of the U.S. economy. His message wasn’t particularly heartening.
If more extreme virus containment measures weren’t taken and the economic disruption dragged on, Ackman envisioned business-after-business going bust. Everything from hoteliers and real estate operators, to leveraged private equity takeovers.In a gripping live television interview stretching 28-minutes, he rattled off blue chip companies that were at risk. As he spoke, their shares gyrated wildly.
“There is a tsunami coming,” Ackman warned, “capitalism does not work in an 18-month shutdown, capitalism can work in a 30-day shutdown.”
Ackman recommended a 30-day closing of the border and an economic “Spring Break” where the bills of Americans were paid by the government so they could self-quarantine and halt the spread of the virus.
After removing portfolio protecting hedges worth a combined $2.5 billion, Ackman began buying.
In a measured Monday afternoon video interview with told Bloomberg News reporter Vonnie Quinn, Ackman disclosed his bullish outlook and flurry of buying activity. He said he rebuild a large position in Starbucks, which has fallen by more than a third year to date, and added to holdings like Lowe’s, Hilton and Berkshire....."
www.forbes.com/sites/antoinegara/2020/03/...ronavirus-hedges/
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