"If there's a vaccine soon, which I hope there is, markets could snap back quickly," Ackman said.
"My expectation is things don't get meaningfully better until the second half of 2021," Ackman said. Ackman's Pershing Square is"effectively 100% long," but does have a short position in the high-yield index, saying that it serves as a good hedge if there's further market weakness.
Ackman added that bankruptcy isn't always bad for companies, explaining that a bankrupt company doesn't have to fire all of its employees, and often comes out of bankruptcy as a less levered company in a better position to compete.
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