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 Ackman

Evidence 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 GovernmentThe Knowledge Project Podcast
Created: 8/10/2026, 11:24:39 PM

My Notes

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