Editor's note: This is an excerpt from today's Early Look written by Hedgeye CEO Keith McCullough discussing Valeant Pharmaceuticals' recent shenanigans:
- A really “smart” management team levers up a company and pitches financial engineering to Wall Street
- “Activist” rich-boy-wonder Bill Ackman calls Valeant the next “Berkshire Hathaway” and takes a 20-30% (?) position
- Stock crashes (on fundamentals) and Ackman pumps to CNBC that he bought another “2 million shares”
And the stock bounces +10% … for an hour.
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