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$1.4 billion in losses don’t scare Bill Ackman
In Ackman’s world, cutting losses is for fools:
“Hedge fund manager Bill Ackman said Wednesday that he purchased an additional 2 million shares of Valeant Pharmaceuticals as the stock plunged following the release of an explosive note from Citron Research that alleges the drugmaker is channel stuffing.
Ackman told CNBC that he believes in the company despite Citron claims. His firm, Pershing Square, was already one of the largest holders of Valeant stock.”
Pershing Square has so far lost $1.4 billion on Valeant, with Reuters estimating his Wednesday loss at $500 million.
Photo: Insider Monkey