Bill Ackman's latest short is a 'smart lottery ticket' bet against the Hong Kong dollar – here are 7 of his biggest trades
Bill Ackman is betting against the Hong Kong dollar's peg against the greenback for his latest trade.through the ownership of put options," the billionaire investor tweeted last week."The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks."
Hong Kong's finance ministry maintains the peg to the dollar by matching the Federal Reserve's rate decisions. But Ackman says there's a growing case for it to abandon that strategy, as China grapples with a zero-COVID-fueled economic slowdown and a debt crisis in its property sector.' – but others have said that it's unlikely his big bet against the Hong Kong dollar will pay off.
In his 30-year career at the helm of Gotham Partners and then Pershing Square Capital Management, Ackman has racked up some outsized wins – as well as some troubling losses.The activist investor immediately started pressuring Wendy's to spin off its Tim Hortons coffeehouse business, which it did successfully in 2006 to raise around $670 million for its shareholders.
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