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.
CLICK HERE to access Healthcare analyst Tom Tobin's prescient institutional research report on Valeant. If you’d like to learn more about our institutional research offerings please ping sales@hedgeye.com.
