Allow us to recall the Valeant Pharmaceuticals roller coaster, a fable of a onetime Wall Street darling that fell to earth and cost our friend Bill Ackman $4 billion in losses. That massive haircut for Ackman at Valeant came soon after another $1 billion loss at Herbalife, a one-two punch that might have ended a lesser hedge fund manager. But Bill is nothing if not resilient, and he more than recovered from those losses, even finding time to focus on other topics—campus politics, libel law, etcetera—besides investing.
The Gospel of Paulson
William D. Cohan
April 24, 2024
