“ ‘We believe that efforts to contain the coronavirus are likely to have a substantial negative impact on the U.S. and global economies, and on equity and credit markets.’ ”

That’s Wall Street billionaire Bill Ackman explaining in a statement released this week why he has taken measures to protect his hedge fund’s $6.6 billion portfolio after a rough start to the year.

The Pershing Square boss is basically safeguarding his holdings, which include restaurant and hotel stocks, against the impact of the coronavirus as it continues to threaten equity and credit markets in the U.S. and abroad.