The Pershing Square chief is back on for dinner at Marea on Dec. 18, while Valeant Pharmaceuticals will have to settle for about $400 million of his winnings and maybe some other sacrificial lamb-drug company that Ackman might care to throw its way. Read more »
So what if his dream of forcing Allergan to settle for Valeant is very much on the rocks? If the Pershing Square chief has proven nothing else, it is that he will make money no matter what happens during this calendar year. Let Allergan take Actavis’ $60+ billion—Bill Ackman gets 10% of it. And then he can sell the company that his old buddy told him to invest in to Valeant. Read more »
Herbalife failing to fall off a cliff notwithstanding, the hedge fund manager and his clients have a lot (of money) to smile about. Bonus: it looks like Bill won’t have to bust his ass to find houses to flip in South Florida just yet. Read more »
For more than a year, Herbalife’s biggest booster got his kicks kicking Bill Ackman while he was down, gleefully touting how he had been proven right about the world’s favorite diet shakes time and time again, while the Pershing Square founder had been proven the opposite, also over and over again. But at the beginning of the year, it occurred to Tim Ramey that repeatedly sticking his finger in Bill Ackman’s eye is really no way to live, and that he should try to do something constructive with his life, like corporate consulting.
But as he’s watched Ackman’s hopes get up and then dashed once again, Tim realized it is foolish to deny one’s passions. And so while he’s keeping his office over at Post Holdings, he’s ready to publicly sing the praises of his favorite multi-level marketing company once again, giddily predicting just how much more money Ackman is going to lose. Read more »
It’s a burden, really. Read more »
The interview began at 2 p.m., and [Jim] Grant went straight after the elephant in the room — the Valeant-Allergan deal. “May I call you Bill, or do you prefer ‘Alpha’?” Grant asked playfully before launching into a series of questions. Before we go any further into this story, you should know that short-seller Jim Chanos, CEO of Kynikos Associates, was sitting in the crowd. Chanos is famously short Valeant. He says it is an accounting rollup that lacks organic growth. Ackman knew Chanos was in the crowd, because during the lunch lecture (about 20 minutes before Ackman’s interview), Chanos asked a question in front of everyone present. Now, back to Ackman’s interview. As Grant asked the same questions about Valeant-Allergan that critics have been asking for months — “Does the company actually make money?” “Does Valeant overpay for its acquisitions?” “Doesn’t it need to spend money on R&D?” — Ackman started to bristle a bit. Suddenly, he turned toward Grant. “Are you short because your daughter is working for Jim Chanos?” he asked pointedly. [BI]
He loves its peameal bacon. He loves its pea soup. Its real maple syrup. Its mounties and moose and trappers. Its hockey players. Its railroads. But, most of all, he loves how easy it makes his job—and how hard it makes it for its companies to stop him. Read more »