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Ackman On Valeant: I Have Enormous Regret About this investment, enormous

We continue our Sohn Brazil Conference coverage – Earlier we posted our in-depth coverage from Luis Stuhlberger, Verde Asset Management who runs Brazil’s largest hedge fund, he is macro-oriented and gave a presentation on why he is bearish on Brazil. Next up is Bill Ackman.This was the only speech in English but o the other hand this one was hard to hear so please bear in mind as you read it and as always this post is for information purposes only.. Ackman discussed GGP/HHC, ADP, and VRX. I could be wrong, but I think this is the first time he got so into what went wrong with Valeant. Below is an excerpt followed by the full presentation.

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Now we distinguish between that and Valeant, it was a company, that we didn't reach out to it, because we didn't invest in health care before, and the field of health care is tense with political risk, etc. But the CEO came to see me, and it was his idea wthat as we should go to a company called Allegan, which makes the Botox product (looking at the audience - Ackman jokes) I don't see a wrinkle in the forehead here, which has been used extensively, I see a wrinkle there[ laughter], but that's an opportunity for the company. But it's a great product, and we took over the business, and this is an incredible...

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