Write-Offs: 5.11.16
$$$Ackman Q1 Letter: "We have made material progress at Valeant" [ValueWalk]
$$$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]