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Bill Ackman is bullish on stocks for 2021, but has a hedge position for a 'tragic' end to 2020

Bill Ackman, founder and CEO of Pershing Square Capital Management.
Adam Jeffery | CNBC

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Billionaire hedge fund manager Bill Ackman, who made big money betting against the markets earlier this year, said he's optimistic about a recovery in 2021, but investors will need to get through a "tragic" year-end first.

"We think the next couple of months unfortunately are going to be tragic and very difficult for the globe and for our country in particular," Ackman said on a Pershing Square quarterly earnings call Thursday. "We have basically a 9/11 every day."

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