Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in NYC on Sept. 28th, 2023.
Pershing Square's Bill Ackman revealed Monday he covered his bet against long-term Treasurys, believing that investors may increasingly buy bonds as a safe haven because of growing geopolitical risks, the latest of which being the Israel-Hamas war.
The 30-year Treasury yield has risen more than 80 basis points since the end of August, making Ackman's bet profitable.
Bond prices move inversely to yields, so Ackman's bet against bonds was, in effect, a gamble on higher rates.
The 30-year Treasury yield fell 6 basis points to 5.01% on Monday after Ackman's comments.
Persons:
Bill Ackman, Pershing, Ackman, Ackman's
Organizations:
Pershing, Capital Management, Delivering Alpha, Treasury
Locations:
Israel