Billionaire netted $2.6bn from previous near-identical trade on back of Covid crisis
The hedge fund manager Bill Ackman has placed a large bet that companies around the world will struggle to pay their debts because of the economic hit from the coronavirus pandemic, only eight months after he netted $2.6bn from a near-identical trade.
Speaking at a digital conference of private equity investors and investment bankers earlier this week, Ackman said he had bought insurance against corporate defaults in order to counterbalance the risk that company shares could fall in value.