Ackman buys hedges for $27M. Closes them for $2.6B and buys more stocks.

“In a letter to Pershing stakeholders dated Wednesday, Ackman said the fund completed the exit from his bets against the market on March 23 and generated $2.6 billion compared with premiums paid and commissions totaling $27 million. He first announced his market hedges on March 3.”

“we became increasingly positive on equity and credit markets last week, and began the process of unwinding our hedges and redeploying our capital in companies we love at bargain prices,” he added.

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Went on TV, said “hell is coming”, said Hilton could go to 0, said Blackstone could be a 0, then probably went to close shorts, buy stonks (including one he had just said could go 0 in Hilton and reportedly bought Blackstone, as well.)

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“I have enormous respect for KKR and Blackstone,” Ackman added of the two illustrious private equity firms, before predicting their leveraged deals would be toast if there isn’t a quick solution within the next 18-months. “[E]very one of their companies goes bankrupt,” he said.

After the interview, Forbes has learned Ackman called Blackstone and said he’s buying the firm’s shares.”(