In a letter to Pershing stakeholders, 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.
"The federal government and the U.S. Treasury have intervened in financial markets in an unprecedented fashion, and the Congress is on the brink of passing legislation which will help bridge the economy and our country's workforce and citizens during what we believe to be a temporary but massive economic shock," Ackman wrote.
For those reasons, "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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