I guess given Bill Ackman’s high profile and drama surrounding some of his recent missteps in Valeant Pharmaceuticals (VRX) and Herbalife (HLF) it’s not surprising news of Pershing Square’s taking a 9.9% stake in Chipotle (CMG) is dominating business news headlines.
In recent articles I’ve discussed how the world of ZIRP/NIRP (for the uninitiated that stands for Zero (Negative) Interest Rate Policy) has distorted pricing of not only the bond market but has bled over to all other asset classes.
Financial stocks of all stripes, from traditional banks to asset managers, have been under pressure over the past few months as it became clear interest rates will remain near zero for longer than expected.