Billionaire Bill Ackman explained how he pulled off a $2.6 billion trade lauded as 'the single best' of all time
"We've got this massive position … which maybe has the potential to double if credit spreads widen to where they were during the financial crisis," he said on the show.
"But if they don't, and the government takes the right steps, this hedge could be worth zero, and the stock market could go right back up to where it was. So we made the decision to exit." Ackman timed that exit almost perfectly, fully exiting the position on March 23, the day the Federal Reserve announced it would start buying corporate bonds to protect the battered market. Since that day,
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