Billionaire investor Bill Ackman is an “aggressive buyer” of stocks as the coronavirus pandemic bleeds markets, having bought “around $2 billion worth of equities” in the last ten days.
Stocks have been caught in the undertow of an endless wave of selling that’s all but erased the market’s gains since President Donald Trump was elected back in November of 2016.
However, Ackman — the CEO of Pershing Square — took the money the firm made from profitable hedges in the credit markets, and put that to work in the equity market. Pershing scooped up shares in companies like Starbucks (SBUX), Berkshire Hathaway (BRK-B), and Hilton Hotels (HLT), to name a few.
As most of Wall Street’s turns extremely bearish, Ackman characterized the stock purchases as a “big commitment to us,” given the size of the firm’s fund of around $8 billion in assets under management.
“We’re very bullish, and we do think there are certain companies obviously, we like more than others,”Ackman told Yahoo Finance in an interview on Monday.