Chris Bryant, Columnist

Ackman's Hertz Hedge Comes With a Few Dents

Retail investors joining the hedge fund manager’s bet on Hertz rental cars should tread carefully.

April 22, 2025 at 11:44 AM UTC

Chris Bryant is a Bloomberg Opinion columnist covering industrial companies in Europe. Previously, he was a reporter for the Financial Times.

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One of Donald Trump’s most vocal Wall Street supporters, hedge fund manager Bill Ackman, has an insurance policy in case the US president’s trade war triggers inflation — a stake in rental car operator Hertz Global Holdings Inc.

Yet retail investors considering hitching a ride on this trade should tread carefully: Although Hertz has defied doom-mongers before, it has high borrowings and faces near-term debt maturities and other financial obligations. It could also face a financial hit if tourists and business travelers cut spending due to recession fears and anger at Trump administration policies.