Bill Ackman

"We are short in size the 30-year T."

In an August 2, 2023 X post, Ackman said Pershing Square was short 30-year Treasuries both as a hedge for stocks and as a standalone bet, arguing inflation could settle near 3% rather than 2%, which he said would push the long yield toward 5.5%.

"The economy is slowing faster than recent data suggests, and there is too much risk in the world to remain short bonds at current long-term rates."

Ackman announced he had covered the short in an October 23, 2023 X post, roughly twelve weeks after opening it, saying he expected a faster slowdown than the data showed.

The Treasury short earned Pershing Square roughly $200 million in profit.

Reports after the cover estimated the trade’s profit, with the 30-year yield having risen from about 4.16% at announcement to around 5.08% at exit.

"We invest only in businesses that are simple and predictable."

Ackman’s stated filter for Pershing Square’s concentrated portfolio. His AI exposure is a roughly $1.9 billion Alphabet position, which he has called his largest combined holding; he has avoided Nvidia as a cyclical, hard-to-predict business.

Pershing Square sold a 10% stake to outside investors at a valuation above $1 billion.

In June 2024 Ackman announced the sale to position the firm for a potential IPO, which he later withdrew in August 2024 after investor demand came in below the target.