Pershing Square Capital manager Bill Ackman defended his emotional CNBC appearance last week after his fund announced a few days later that it made more than $2 billion on bets against the markets. The investor warned in the interview that "hell is coming" and that hotel stocks could go to zero. "Shortly after the show, I heard that some had interpreted my remarks as being very bearish on the market," Ackman told investors on Thursday. "The idea that my appearance pushed the market down an additional 4% that day is absurd."