Billionaire Bill Ackman: Covid Will Get ‘Ugly’ In Next Few Months, But Expect ‘Explosive Growth’ Once It’s Over
13 Nov 2020
As the pandemic worsens in the United States, billionaire activist investor Bill Ackman thinks the next three to four months could be terrible for the economic recovery, but once a vaccine becomes widely available, the founder of Pershing Square Capital Management expects boom times for the economy, he said at Forbes’ Wealth Management Summit.
Pointing to worrying factors like a near-nationwide increase in the positive-test rate for coronavirus, Ackman says the next several months are “going to be ugly” for the pandemic and “challenging” for the economy, particularly in states like New York, where many businesses will likely be forced to halt their outdoor operations during the colder months.
But a promising macroeconomic and policy environment should help bolster growth once a vaccine becomes widely available, Ackman notes, citing a likely accommodating Federal Reserve, a split Congress to keep policy moderate, lower rents and a huge surge in pent-up savings amid the pandemic.