And The Winner Is …
Bill Ackman!!! Yes, Ackman distinguished himself by going on CNBC last Wednesday, March 18, at the height of the recent market panic and screamed to the world “hell is coming.” … like someone yelling “fire” in a crowded theater (I pointed this out in “Postcard from the bunker–3/19/20). I had a feeling then that he might be offering this sobering pronouncement as a way to bring the market in even more so that he might cover his shorts in a more comfortable fashion, i.e. into a torrent of sellers. Lo and behold, that is exactly what he did!
I used the word ‘rogue’ in describing Ackman’s lack of character and the award he so richly deserves but I’m certain there are better, less civil descriptors for this guy.
It is reported that Ackman’s hedge fund, Pershing Square, netted a cool $2.6 billion being short the market during the market collapse. Of course, Ackman claims what he said and when he said it was in the public interest as he was trying to get President Trump to take COVID-19 more seriously. He was urging Trump to close down the United States. Without the above obvious attempt to influence the market, Ackman would have come out the hero for his astute trading. Instead, he looks like a bum.
Congratulations Bill Ackman !!
Finally, what was Mr. Ackman’s megaphone? T’was a usual suspect, CNBC. I repeat the media is not your friend.
Need a really good perspective on the virus and the market?
I would recommend HIGHLY RECOMMEND, “The S&P 500 Weekly Update: A Break In The Selling Stampede.” The author goes under the pen name of “Fear andGreed Trader.” I have followed the work of F&G for 7 years. He has been, and continues to be, a voice of reason in a sea of inane market and financial commentary. I think you will find his detailed commentary refreshing in its perspective and factual presentation, a far cry from Ackman comments and the general fare offered up by the financial media. Again, I believe this is a valuable piece for the time we currently face.
Let me know what you think.
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