Tucked within the 86 pages of Pershing Square's annual presentation for European investors published Monday were just two devoted to the investment that was Bill Ackman's albatross: Valeant Pharmaceuticals. As recently as January, Ackman was waxing eloquent (in PowerPoint form) about “creating the new Valeant.” Then last month he abruptly parted ways with the company, losing only his dignity and around $4 billion in the process.
One would think that such a whirlwind experience would inspire some verbosity from Ackman, who is rarely short on words. Yet in the new presentation we get only two short slides on the Valeant affair. This doesn't blunt their impact, however. Like a poet, Ackman has condensed the Valeant story into its base elements, omitting everything ancillary and inessential. What remains is a quietly stirring testament to one man's stubborn devotion to his ideals. Behold: