Last night, Neri and I watched several hours of .#Kylerittenhouse direct testimony and cross examination. We came away believing that #Kyle is telling the truth and that he acted in self defense. We found him to be a civic-minded patriot with a history of
helping his community as an EMT and fireman in training, in his removing hate graffiti earlier that day from a local school, and ultimately in volunteering to protect a business during the night of August 25th in Kenosha.
Our first hand impressions of Kyle were materially different from those we had previously formed based on media reports and opinion pieces that we had consumed. I have always been frustrated to read an inaccurate press report about a subject I know well, yet somehow I continue to
believe other articles in the same newspaper about subjects I know less well. Media and political bias are dividing our country and destroying lives. While we have not heard the entire trial, based on our assessment of Kyle on the stand, we believe that he will be found innocent
by the jury. Often times, communities react negatively and even violently after a jury verdict where they are surprised by the outcome based on what they have previously read in the newspaper, seen on TV or more likely been served on social media. I encourage you
to watch the trial, or at a minimum his testimony and cross examination, before you form a view of his guilt or innocence. With respect to my own political bias, I am not a gun owner, nor a member of the NRA. On balance, I support stronger gun regulations and
removing loopholes in the sale of guns. Unfortunately it seems that society’s view of #kyle ‘s innocence depends more on one’s views about gun control rather than on what actually took place last August.
Kyle Rittenhouse’s life is at risk. Justice demands a fair trial. Society would benefit greatly if politics did not enter the court room and convict innocent people.
Just got a call from the media asking if my Twitter account was hacked. That is, the reporter couldn’t conceive of the idea that I could believe that Kyle is innocent because I am not a right winger. Crazy.

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More from @BillAckman

20 Aug
I just posted a PSTH update letter on our website.…. I welcome your feedback.
To clarify, if we are successful in getting SPARC approved, PSTH shares will receive $20 per share in cash plus the market value of a SPARC warrant, which should represent the option value of investing in our next IBC at SPARC’s cash NAV.
Distributable Warrant (DW) holders will receive a warrant on identical terms in SPARC. Same five-year term, same strike at 15% premium to NAV to allow DW holders to participate in the SPARC merger on same terms as PSTH.
Read 9 tweets
6 Apr 20
A theory: It has been accepted scientific wisdom that the virus’ R0 is ~2.4 and the CFR between 1-2%. The data and common sense suggest to me that the R0 is much higher, perhaps approaching measles at 12-18. If this is true, the CFR must be much lower perhaps similar to the flu.
Estimates of the R0 are based on extremely limited testing. If one is asymptomatic, there is no incentive to be tested. In NYC now, even if you are symptomatic, your doctor will discourage you from getting tested as there is no benefit in doing so as the treatment is the same.
If in fact the R0 is high and the asymptomatic % is high, this suggests a much lower than estimated fatality rate and a much greater probability of herd immunity developing. The fact that approaching 5% of Telluride may be infected with no symptoms suggests higher density cities
Read 4 tweets
5 Apr 20
Initial antibody results just in from San Miguel County. PCR tests had shown just 8 positives out of 8,000 residents 1/1000.Initial antibody tests on 986 show 8 positive, 23 borderline, balance negative. Potentially 31/986 or 1/32 positive vs 1/1000 based on PCR testing. 30X more
Second round testing may show borderline results are positive and initial negatives become positive as it takes as much as 10 days for antibodies to emerge from exposure to the virus. Anecdotal evidence in NYC is similar. Many in NYC with symptoms choose not to get tested.
Read 4 tweets
5 Apr 20
I am beginning to get optimistic. Cases appear to be peaking in NY. Almost the entire country is in shutdown. Hydroxychloriquine and antibiotics appear to help. There is increasing evidence that the asymptomatic infection rate could be as much as 50X higher than expected.
If this is true, the severity and death rate could be much lower than anticipated, and we could be closer to herd immunity than projected. Highly accurate antibody tests are scaling production and distribution which will definitively answer this question hopefully soon.
One could imagine a world in the next few months where everyone is tested and all but the immune compromised go back to a socially distanced but more normal life. We wear bracelets or carry a phone certificate which indicate our status, and track infections where they emerge.
Read 7 tweets
29 Mar 20
@realDonaldTrump Mr. President, why don’t you launch the biggest infrastructure program of all time now? Roads, bridges, and other infrastructure involve outdoor work that allows for social distancing. Doing so will put Americans back to work now in good paying, virus-safe jobs.
We can finance the infrastructure with near zero cost long-term financing. Build costs will be lower because of lower commodity prices and less competition for labor. We can rebuild America’s infrastructure, and help support the economy to enhance the recovery from the virus.
You will get unanimous support from Democrats and Republicans and give us hope for the future. Let’s get a good many of our fellow Americans working again in all 50 states while those of us with desk jobs work from home.
Read 4 tweets
28 Mar 20
I have received a fair bit of criticism over the last few days from some who have claimed that I and our investors have profited from the Covid 19 crisis. Some have said that I intentionally scared people about the crisis to increase our profits.
I recently addressed these critics in a six page letter, but since few have time to read six page letters, I thought it would help to summarize the facts in a few tweets.

I invest capital on behalf of 1,000s of investors through a public company called Pershing Square Holdings.
Our investors are both large and small. Since we manage funds through a public company, the price of entry is small. One share can be purchased for less than $20. Some of our investors include other fiduciaries like pension funds.
Read 25 tweets

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