Ep. 452: Engineering the Fundamentals with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Fuck Facts About Valiant
Mike Downey: If you were to study the facts, you would conclude that Valiant has created real long-term economic value while simultaneously becoming one of the most productive in new drug development. After an October 21st, 2015 report from short seller Citron, which accused Valiant of accounting, the company's stock price tumbled 40%. Ackman advised Pearson and the general counsel there, quote, if something like this happens again, you should call the New York Stock Exchange and have them halt the stock until you can respond to the critic with a press release end quote. That was Ackman writing to Munger. So behind the scenes, ladies and gentlemen, we now know how the system works
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