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Write-Offs: 5.11.16

Ackman says "material progress" has been made at Valeant; Rubenstein surprised macro hedge funds failed to spectacularly; Key West police rescue woman from giant banyan tree; and more.
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$$$Ackman Q1 Letter: "We have made material progress at Valeant" [ValueWalk]

$$$Private Lenders Remodel the Mortgage Market [WSJ]

$$$Rubenstein Says He’s Surprised Macro Hedge Funds ‘Got It Wrong’ [Bloomberg]

$$$Puerto Rico’s Fiscal Fiasco Is a Harbinger of Mainland Woes [Dealbook]

$$$Key West police rescue woman from giant banyan tree [UPI]

$$$U.S. posts $106 billion budget surplus in April [Reuters]

$$$Boris Johnson Wields His Ice-Cream Magic to Make Brexit Case [Bloomberg]

$$$Helicopter Whips Row Of Porta-Potties Up Into The Air [HP]

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