Bill Ekman, CEO of Pursing Square Capital Management
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Bill Ackman, the billionaire hedge-fund giant, was asked on Thursday if the nasty market route, which pulled the tech-heavy Nasdaq composite down 5%, was dark in root stocks.
The answer was no. Also, maybe.
“
‘It’s certainly not the beginning of the end, but I would say we are coming to a more indefinite period in American history. Markets do not like uncertainty. ‘
”
The CEO of Pursing Square Capital explained in an interview with Bloomberg TV that the upcoming presidential election and that U.S. A fracture already in place will create more uncertainty in the coming weeks and months.
Most notably, tech stocks could be sensitive to their “exceptional” valuations, he said. Apple Pal AAPL,
And Tesla TSLA,
Coronavirus has become one of the major leaders in the market boom since the initial dip in response to the epidemic. But on Thursday, both were hit hard.
While the broad decline was certainly steep, ck Kamen said that given how “significantly stronger” stocks have remained since the crush in March, it shouldn’t come as much of a surprise.
Read: Here is a way to save capitalism, according to Man Kamen
Earlier this year, Man Kamen was credited with naming the New York Times “the best of the best trades” when he planted a hedge of 27 million against the market right before the March decline. Eventually, his relatively modest bearish bet became the 2.6-billion winner.
Mavenil, Dow Jones Industrial Average DJIA,
Only session lows are closed but more than 800 points end. S&P 500 SPX,
With a decline of 125 points, while the Nasdaq Composite COP,
Gave 598 points.
.
