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Ackman Shorts Junk, Is ‘Cautious’ Near-Term. Still ‘Bullish On America’
Bill Ackman is "long-term bullish on America", he told CNBC Wednesday. That much hasn't changed.
He feels the same way about markets -- "long-term bullish".
However, considering the distinct possibility that the coming quarters will reveal structural damage to the US economy from the lockdowns (the "scarring" effect, as it were), he's concerned about highly levered companies. That's why he's short high yield.
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