SPAC-Man: Bill Ackman’s Pitching SPACs & Defending Profits

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 22 July 2020

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bill Ackman’s Pershing Square Capital Management sponsored the largest SPAC IPO in history, raising $4B in capital. In an exclusive CNBC interview, the hedge fund billionaire makes his pitch for the insider baseball market vehicle: the special-purpose acquisition company. “Much better for the issuer, much better for the shareholder, because they get to make a thoughtful decision that’s not rushed by the typical IPO process.” Plus, four months after his “Hell is coming” comments rocked the markets, Ackman, a famous short seller, explains why less than a week after that warning, he profited over $2 billion.

Transcript

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0:00.0	This is
0:02.0	This is Squawk Pod. I'm C. N. D. Cramer.
0:04.7	Today on our podcast.
0:06.5	Bill Ackman is back. The investor launching history's largest
0:09.7	SPAC, what that means, and why he says it's better for everyone.
0:13.2	I think it's actually a much better process.
0:15.4	It's much better for the issuer and it's much better for the shareholder because they
0:19.7	get to make a thoughtful decision that's not rushed by the typical life of your
0:22.8	process. Ackman pocketed over two billion dollars in the earliest days of the
0:27.2	coronavirus pandemic in controversial and very public bets against the market.
0:31.6	Hell is coming, okay?
0:33.5	Four months and what seems like a lifetime later,
0:35.9	he defends his positions long and short
0:38.3	and explains the road to that hefty payout.
0:40.6	If you guys, instead of talking about the hell is coming part of my interview, which you guys ran all day and all night,
0:45.8	look at the bullish message I made, which is I'm buying stocks right now.
0:49.2	Plus where the hedge fund billionaire is placing his bets today.
0:53.0	Restaurant companies, hotel companies, real estate development companies.
0:57.2	You know, these are a bet that the country is going to recover.
1:00.0	It's going to be super clear.
1:01.2	I'm very bullish on America. It's Wednesday July 22nd, 2020, Squackpot
1:06.2	begins right after this.
	...

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