His biggest bet is down, oh, 80% over the last seven months. Not coincidentally, his hedge fund is down 17% this year and lost 20% last year, making 2014’s triumphant 40% return a rather distant recent memory. Valeant’s performance has literally made its CEO deathly ill. And, in spite of last night’s rather disheartening news, Mike Bloomberg is still not running for president. Does that bother either of them? Not at all.
"We expect that much of the uncertainty will be resolved in the relative short term, hopefully over the next few or so weeks, when we expect the company to issue results, update guidance, and file its 10-K," the investor said.
"Based on publicly available information, it appears that Valeant's core franchises remain strong."
Mr. Pearson spoke with a select group of Wall Street analysts. In one-on-one calls Tuesday with some who have generally stuck by the drug company, Mr. Pearson indicated he was bullish about Valeant’s prospects and predicted performance not too far off what the company had initially forecast, but later took back, according to the analysts.