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Hedge Fund Billionaire Ackman Says Stocks to Soar on US Lockdown Prospect

Billionaire Bill Ackman is bullish on stocks as the hedge fund manager expects U.S President Donald Trump to close borders and shut the country down to win the war against the coronavirus.

“I am confident the president will do the right thing in temporarily shutting down the country,” Pershing Square Capital Management founder Ackman said Wednesday in comments on Twitter. “ If that will happen the stock market will soar and the clouds will lift. That is why we are buying stocks. These are bargains of a lifetime if we manage this crisis correctly.”

A prolonged stay-at-home period in form of a 30-day Spring Break would curb defaults and foreclosures as the US economy faces its biggest challenge in years, Ackman said. The government should keep only essential services open and pay wages during the Spring Break. Rent, interest, and tax payments should be canceled over the month-long period, the investor proposed.