The hedge-fund billionaire Bill Ackman turned a $27 million position into a $2.6 billion windfall as the coronavirus outbreak dragged stocks to multiyear lows and threatened deep economic recession. Pershing Square Capital Management turned to credit protection on investment-grade and high-yield bond indexes to bet on an increased risk of corporate default. The multibillion-dollar profit offset losses elsewhere in Ackman's portfolio and drove a 7.9% gain in March through Tuesday's close for Pershing Square's public fund, The Wall Street Journal reported.
