Just about ready to get medieval on you jokers.
We’ve all had some laughs over the acquisitive Canadian pharma the last month, haven’t we? For some, that fun has involved forecasting its imminent collapse and immorality before basically having to retract the stuff about imminent collapse, at least. But enough with the games, says a guy who runs a hedge fund called Brave Warrior Advisors. This isn’t funny anymore; unless you think those kids in Salem were funny while that poor bastard got crushed to death by rocks. So how about we all calm down a little, take Valeant off the stake and put down the pitchforks for a while? Because Glenn Greenberg’s getting a little testy.
The media has “conducted a witch hunt,” the 68-year-old investor said in a telephone interview. “You don’t assume innocence, you assume guilt, sticking darts in the accused, in someone that breaks social norms, and this is a way of driving them out….” Echoing a point raised in Ackman’s conference call, Greenberg said Valeant executives such as Michael Pearson, its chief executive officer, are paying a price for a focus on keeping costs low and boosting profits.
“Mike Pearson believes in a lean shop and in getting results,” he said. “He believes in doing things rationally and efficiently. He thought, why do I need public relations or government relations -- I’m going to do stuff that’s smart, legal, and I want resources on generating earnings, not the usual horse sh*t that most of pharma does.”