Ace investor Bill Ackman has invested $2.5 billion in equities, calling it a “recovery bet” on the US economy roiled by the coronavirus outbreak.
The self-proclaimed activist investor has raised stake in several of his portfolio companies, including Lowe’s Cos, Hilton Worldwide Holdings and Warren Buffett’s Berkshire Hathaway.
The billionaire investor, who has been on a buying spree for the last few days, said that his Pershing Square Capital Management had taken off all the hedges placed to offset the effects of the coronavirus via shorts in the credit market.
“That’s about the most bullish thing we’ve done,” he told Bloomberg. “We are all long. No shorts, you know, betting on the country.”
Ackman also called for a federally mandated 30-day nationwide shutdown, instead of letting each US state decide their course of action to deal with the coronavirus pandemic.
“I built a lot of confidence over the last week that the president and his team are heading in the right direction,” Ackman said
However, he added that he has no inside knowledge of what the federal government will do next.