Ackman's bet against US Treasuries pays off with $200 million profit
© Reuters. FILE PHOTO: Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian/File Photo
Ackman said on Monday on X,"we covered our bond short" some 12 weeks after he announced the bet on the messaging platform formerly known as Twitter. Even as prices were moderating somewhat, Ackman in August argued that higher defense spending, energy scarcity and the transition to green energy and labor's increased bargaining power would keep inflationary pressures high."We continue to hedge the risk of a rise in 30-year Treasury rates because we remain concerned about the risk of higher long-term interest rates on equity valuations," he told his investors.
But the conflict between Islamist group Hamas and Israel is unnerving investors and suggests Treasuries could become a safe investment option. Yields have traded off some to hover around 5.08%.
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