Hedge-fund billionaire Bill Ackman bought into a mystery business during the coronavirus sell-off, but sold weeks later and invested in established holdings instead.
“We did take an, actually, pretty large stake in a company in the middle of the crisis at prices that looked very, very attractive,” the Pershing Square chief said on an investor call on Wednesday.
“We ended up selling that investment at about the price we paid as we felt more comfortable reinvesting,” he added.
Ackman also said Chipotle was his “only big frustration” last quarter, as its stock halved at one point. Pershing was unable to buy the stock as it has a representative on the fast-casual chain’s board.
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Billionaire investor Bill Ackman bought a big chunk of a mystery business during the market meltdown, only to sell it weeks later and double down on other holdings.
“We did take an, actually, pretty large stake in a company in the middle of the crisis at prices that looked very, very attractive,” Ackman revealed during his Pershing Square hedge fund’s investor call on Wednesday.See the rest of the story at Business Insider
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