Two bets made by Pershing Square Capital Management PSHD, +0.80%, PSH, +0.36% generated nearly $4 billion in profit for the activist hedge fund. CEO Bill Ackman’s two calls were related to the COVID-19 pandemic, The Wall Street Journal reported Monday. His first bet, in February, 2020, was that the economy would shut down more swiftly than others expected. He then made a second investment behind his belief that it would also stage a more rapid comeback than other forecasts. The report from the newspaper comes after Pershing Square disclosed on Jan. 26 that it bought 3.1 million shares of Netflix Inx. NFLX, +7.02% for a roughly 0.7% stake in the streaming media company.