Pershing's hedge during the COVID-19 crisis (early March 2020) protecting the portfolio required minimal research time—it was an urgent discussion among the team about the economic implications of the virus, and the decision was made to hedge because credit spreads were at historical tights.
factualpending
Speaker
Bill AckmanEvidence Quote
“the just most recently our heads that we put on to protect the portfolio I guess I wasn't specifically doing work on that investment at all”
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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