Bill Ackman says he covered his bond short

Back in early August, Bill Ackman began to tout a short 30-year bonds position “in size” as a portfolio hedge. Today he said they have covered that position, without saying when.

“There is too much risk in the world to remain short bonds at current long-term rates,” he wrote.

That was a heckuva trade.

He’s had a great run despite some misteps like NFLX. I don’t think he can turn the whole market but price action certainly took notice of his latest tweet and bonds are bid and risk assets are improving.

Update: He added “the economy is slowing faster than recent data suggests.”