Daily Archives: March 26, 2020

Profit from pain…

In the middle of the worst public health crisis in our lifetimes comes some familiar news. There are always some who make a profit out of public adversity. So step forward Bill Ackman a hedge fund manager who according to The Guardian (26 March) has claimed his firm made $2.6bn (£2.2bn) betting that the coronavirus outbreak would cause a market crash. And this barely a week after telling US companies: “Hell is coming”. It seems that he took advantage of bond market turmoil to make almost 100 times his original outlay of $27m on bets on market movements. Meanwhile in the UK some 5 million self-employed workers are still awaiting to hear what kind of financial support they will get. After much delay, a government announcement is expected sometime today.

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