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You See A Stock Free-falling Into Oblivion, Bill Ackman Sees An Opportunity

True investment icons know when to double down.
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Eight-hundred and twenty million in losses don't scare this hedge fund manager.

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...The report goes so far as to call Valeant the "pharmaceutical Enron."

Bill Ackman: I bought 2M shares of Valeant today; I believe in the company [CNBC]

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There's simply no other way to explain what's happening there.