Ackman had conviction in the timing of the COVID crisis (weeks, not months or years away) but less conviction on long-term implications; given this timing confidence, the premium cost should be viewed as a 90-day cost (125M), not a 5-year cost (2.5B).
causalpending
Speaker
Bill AckmanEvidence Quote
“I thought the timing was weeks away and so that made the commitment to make premium payments a much lower risk commitment”
Source
Bill Ackman: Dealing with Haters, My Largest Trade Ever, and Sounding the Alarm for the Government— The Knowledge Project PodcastCreated: 8/10/2026, 11:24:39 PM
My Notes
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