Bill Ackman, the billionaire investor who manages Pershing Capital Square Management, said in a Wednesady letter to investors that as of Monday the firm had removed all of its hedges betting against the market. That generated $2.6 billion in proceeds, compared with premiums and commissions of $27 million. "Substantially all" of the proceeds were reinvested, Ackman said. Ackman also wrote that he believed the federal government would soon initiate a total US shutdown with a defined reopening date about 30 days later to combat the coronavirus pandemic. Read more on Business Insider.