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Ackman Has Big Win on Bearish Market Bet

William Ackman just scored big on a bearish bet that enabled him to sidestep steep market losses.

About a month ago, Mr. Ackman laid out $27 million to protect his portfolio against a precipitous drop he anticipated in U.S. markets as a result of the coronavirus outbreak. Those so-called hedges came in the form of credit protection on global investment-grade and high-yield bond indexes that becomes more valuable as the likelihood of corporate defaults rises.

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