Everyone's favorite hedge-funder-cum-tennis-ace Bill Ackman enthused over the election of Donald Trump Thursday, celebrating his business experience and short-term effect on Pershing Square's portfolio.
In an appearance at the DealBook Conference, Ackman said he was “extremely bullish” on Trump running the country, adding, “We're long America.” (Except for Valeant Pharmaceuticals, of course, which for tax reasons is headquartered in Canada.)
Unlike his nemesis Uncle Carl and other hedge funders, Ackman hasn't exactly been a member of the Trump fan club. He was more of a Bloomberg guy. “I would do everything in my power to get this guy elected, and I would recruit massive amounts of people to make this happen,” he said last month. He punctuated the point with a stinging side-swipe at Trump’s most sensitive spot.
“Mike Bloomberg once said ‘I can’t become president, no one wants to vote for a billionaire,’” Ackman said at the time. “But we still have a billionaire that’s in first place, and I think, frankly, this billionaire [Bloomberg] has more money.”
But now with markets surging – even woebegone Valeant – Ackman has changed his tune on the Donald. “The U.S. is the greatest business in the world. It's been undermanaged for a very long period of time,” Ackman said. “We now have a businessman as president.”
Though if Trump runs America like he did his businesses, Ackman might want to reconsider staying long the stock.