Legendary investor Bill Ackman made billions as COVID struck by dusting off a 2008-crisis-era playbook
Bill Ackman made billions calling the COVID-induced market crash and its aftermath, with the hedge fund manager dusting off a playbook from the last financial crisis to net huge profits for his firm. from Crash Landing: The Inside Story of How the World's Biggest Companies Survived an Economy on the Brink by Liz Hoffman, details how the famous hedge fund boss made prescient bets on two events markets believed were a only a fuzzy possibility at the time.
Realizing the pandemic would be a market-moving event, Ackman considered dumping stocks most impacted by a lockdown. His investment firm, Pershing Square Capital Management, ultimately decided on a massive hedge, according to Hoffman's book. Similar to an insurance policy, a CDS is a contract between two parties in which one purchases protection from another party against financial losses. The swap connects an investor with another buyer who is willing to take on the other party's risk for a fee, and the contract gains value as the event it protects against becomes more likely to occur.
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