標題: VRX是醫藥業安隆?艾克曼倒大楣了
mikeon88
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發表於 2015-10-22 01:24  資料 主頁 文集 私人訊息 
VRX是醫藥業安隆?艾克曼倒大楣了
http://www.businessinsider.com/a-short-selling-firm-is-accusing-valeant-of-being-enron-and-it-says-it-has-proof-2015-10

SHORT SELLER: Here's why pharmaceutical company Valeant looks like Enron

Valeant Pharmaceuticals is being accused of an Enron-like fraud.
Short selling firm Citron Research released a report highlighting its mysterious relationship with Philidor, a pharmacy that distributes drugs for specialty pharmacies, which it has the option to purchase.
After the report was released the stock fell as much as 29%.
Citron says that Valeant has been using its relationship with Philidor to file fake invoices and make its revenue appear greater than it is. Valeant is Philidor's only customer, Citron points out.
This is a jarring turn of events for a company that has been a Wall Street darling for years. Until last month, the stock had risen almost 120% in the last year. Then Valeant came under scrutiny when government officials started asking questions about price gouging at pharmaceutical companies.
House Democrats floated the idea that Valeant CEO Michael Pearson testify before Congress; federal prosecutors in Massachusetts and New York have subpoenaed the company; and Senator Claire McCaskill (D-MO), chair of Senate Investigation committee, has started looking into the company. Then the New York Times and other media outlets started looking into its relationship with Philador.
Its stock has fallen 50% since.
For over a year, though, short seller Jim Chanos — the hedge fund manager who alerted the public to Enron's massive accounting fraud — has said that the company is a roll up. A company that uses shady accounting and serial acquisitions to hide that it lacks organic growth.
The smoking gunIt wasn't until Monday, on Valeant's earnings call, that it took pains to describe its relationship with Philidor disclosed and that it had the option to purchase Philidor.
"Philidor, one of our specialty pharmacy partners, provides prescription services to patients across the country, and provides administrative services for our copay cards and is a dispensary that fills prescriptions. We have a contractual relationship with Philidor, and late last year we purchased an option to acquire Philidor if we so choose," said Valeant CEO Michael Pearson on the conference call.
"Given accounting rules, we consolidate Philidor's financials. Inventory held at Philidor remains on Valeant's books, and is not included in the specialty pharmacy channel inventory."
It also tried to explain why there is a strange lawsuit filed in California court between it and another pharmaceutical company that acts as a distributor for Valeant, R&O.
In the lawsuit, R&O says that Valeant sent it an invoice for $69 million — an invoice for products it never received.
Valeant, for its part, said during its earnings call that R&O sold a bunch of its product and was holding more.
And here's a key part: The Valeant products that R&O sold are booked as revenue for Valeant. Those that R&O still holds are not.
"R&O has never received a single invoice from Valeant in any amount and until September 4 had never received a single demand for payment from Valeant. R&O has requested copies of the invoices, but to no avail. Indeed, it seems that Valeant has no evidence whatsoever to back up its claims," said the lawsuit.
What Citron considers the smoking gun here is that Philidor and R&O are actually the same company. Since Valeant basically owns Philador, this would imply that Valeant is invoicing itself to pump up its revenue.
"...it is obvious that Philidor and R&O are ARE THE SAME COMPANY AND SHARE MANAGEMENT. The two companies have the same patient privacy disclosure, in fact formatted identically, on both companies' websites. Note the R&O website refers to themselves as Philidor," Citron wrote.

Citron


Citron


More links to indications that Philidor and R&O are the same are here and here.
The companies also share the same privacy officer, and the two companies registered all their websites on the same day. Digging deeper, Citron found more pharmaceutical companies with the same lineage.
"It is apparent to Citron that Valeant has created a network of 'pharmacies' as clones of Philidor. Why do these exist? Citron believes it is merely for the purpose of phantom sales or stuff the channel, and avoid scrutiny from the auditors," Citron wrote.
Citron spends the rest of the report pointing to instances where Valeant looks a whole lot like Enron, from its management, to its insistence that it has been transparent in all its dealings.

Citron


A walk backOn Monday, Valeant tried to walk back from its business model, saying that it would spend more money on R&D, rely less on raising prices for revenue, and potentially engage in stock buybacks.

Bloomberg TV


This goes directly against the business model that made it a Wall Street darling — a model that hedge fund billionaire Bill Ackman, the company's third largest shareholder — praised earlier this month.
"Valeant believes that they are not good at drug development, i.e., or really coming up with new molecules and taking them all the way to the approval process. That's a — has been historically a very low-return business," Ackman said discussing Valeant's R&D spend, which sits at about 3%.
Valeant's changes would turn it into the low return business Ackman mentioned, but it would likely get the government off its back.
Now, if regulators are seeing this report, it may not have that chance anymore.
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發表於 2015-10-22 01:27  資料 主頁 文集 私人訊息 
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發表於 2015-10-22 01:28  資料 主頁 文集 私人訊息 
作假帳配不出現金

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mikeon88
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發表於 2015-10-22 01:31  資料 主頁 文集 私人訊息 
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發表於 2015-10-22 01:36  資料 主頁 文集 私人訊息 
VRX 艾克曼的第一大持股

開盤跌40%,暫停交易了。
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mikeon88
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發表於 2015-10-22 21:52  資料 主頁 文集 私人訊息 
每個人都會有手氣背的時候,
這是多種果樹的重要性。
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mikeon88
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發表於 2015-10-30 21:56  資料 主頁 文集 私人訊息 
艾克曼今開說明會解釋買VRX的原因。
會前HLF送他一句話:希望他比在HLF上更用心做研究。

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mikeon88
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發表於 2015-10-31 10:55  資料 主頁 文集 私人訊息 
艾克曼VRX持股成本186元,今股價94元,
顯示再怎麼會研究都會出問題,
所以投資千萬不要重押。
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發表於 2015-10-31 15:24  資料 主頁 文集 私人訊息 
186元才發現VRX的好,艾克曼的研究功力也不怎樣。
更何況這個評價也不對。


http://www.streetinsider.com/Hedge+Funds/Valeant+Pharmaceuticals+%28VRX%29+Bull-Bear+Debate+Rages/11019939.html

Valeant Pharmaceuticals (VRX) Bull-Bear Debate Rages
The bull-bear battle in beaten up and highly-questioned Valeant Pharma (NYSE: VRX) took center stage again today. Bill Ackman from Pershing Square on the bull side and Andrew Left from Citron Research on the bear side. Currently the bears are winning and the stock is down another 10% today and again below the $100 level.
This morning the company announced that it is severing all ties with Philidor Rx and Philidor has informed Valeant that it will shut down operations as soon as possible. Valeant's controversial relationship with Philidor has been at the center of the short attacks, which have alleged deception, channel stuffing and possible fraud.
Bill Ackman hosted a 4 hour long conference call today to make his case on the stock. Ackman is currently down 47% ($186 cost basis) on his long bet but sees shares as significantly undervalued and offering an opportunity.
The hedge fund manger blamed part off the sell-off in the stock on Valeant's mistake of underinvesting in its public relations, which made it vulnerable to short seller attacks with the information void.
Ackman said the business is sound and pointed to the company's top assets, including Bausch & Lomb.
He highlighted that excluding Philidor-related earnings, the stock trades at less than 8x 2016 cash EPS. He made the case that the stock is worth $180-$240 near-term and $262-$350 longer-term.
In making his case that the sell-off creates a buying opportunity, he highlighted the 1963 Salad Oil Scandal, or Soybean Scandal. At that time Tino De Angelis obtained $150 million in loans from American Express and others. De Angelis perpetuated a scam by mostly having water in ships he claimed were full with salad oil. American Express ended up losing nearly $58 million on the scam and its stock crashed more than 50%. With blood in the Street, Warren Buffett swooped in to build a large position and made billions.
Ackman said he would buy more shares but the fund is "full invested", having "scraped together a couple hundred million" to buy the recent 2 million shares.
While Ackman's conference call was ongoing, Citron's Andrew Left again took a swipe. Citron tweeted that Valeant has a better chance than Herbalife of "going to $0". Citron said it will have more details on Monday, calling the company 'dirtier' than anyone has reported.
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發表於 2015-10-31 15:44  資料 私人訊息 
艾克曼應該作多 HLF
為了放空HLF 還到處告狀
放空 VRX
現在就可以吹涼涼的風
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發表於 2015-10-31 15:44  資料 主頁 文集 私人訊息 
因為他沒有盈再表
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發表於 2015-11-6 06:34  資料 主頁 文集 私人訊息 


  • Shares of Valeant Pharmaceuticals Intl Inc (NYSE: VRX) fell 6 percent on Wednesday and remain within striking distance of its 52-week low of $88.50.
  • Activist investor and Valeant shareholder Bill Ackman wrote a letter to Valeant's CEO saying his reputation is "at grave risk" and the company has "become toxic."
  • The Wall Street Journal noted Ackman's hedge fund has lost nearly $2 billion.
Investors have every right to remain concerned over Citron Research's allegations that Valeant is the Enron of pharmaceuticals through the creation of a network of undisclosed entities in order to alter financial results.
One of the very concerns investors is Bill Ackman whose hedge fund, Pershing Square, has already lost almost $2 billion, according to . Ackman wrote a letter on Tuesday to Valeant CEO Mike Pearson and said his "reputation is at grave risk" and the company has "become toxic." He added that "even we are very concerned."
Related Link: Citron Research Says It Will Not 'Dial Back Warnings' Regarding Valeant
WSJ noted that Pershing Square's assets has fallen by about $4 billion in value since Valeant's stock peaked in August. Pershing Square's four funds have now lost 16 percent this year, after returning 40 percent last year.
Ackman told Valeant that "management needs to come clean" and to hold a press conference immediately in order to "lay out everything you know." The company ultimately decided against holding a press conference, a move that irked Ackman who then phoned the company's lead director, Robert Ingram, and said "if Mike [Pearson] hides in the bunker on this, he can't be CEO."
Ackman bought a 5.7 percent stake in Valeant, valued at around $3.8 billion, last March. At that time, the stake represented around 20 percent of Pershing Square's total portfolio. He added two million shares to the portfolio on October 21 at the height of the accusation against the company as there were only two options available: "sell everything if there's material fraud because the shares will go to zero, or buy now while the stock is a bargain."
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發表於 2015-11-6 06:36  資料 主頁 文集 私人訊息 
VRX 股價今跌到79元,艾克曼持股成本186元,
跌了58%,賠慘了。
VRX占艾克曼持股2成,為第一大持股。

艾克曼大概跟吳東進買宏達電一樣,聽信公司派的吹噓。
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mikeon88
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發表於 2015-11-6 07:31  資料 主頁 文集 私人訊息 
艾克曼要檢討的是他的研究方法出問題。
很多人,尤其是研究員,說在研究基本面,說穿了都在打聽內線而已,
拜訪公司、看工廠,都是打聽內線。
打聽內線最大的盲點是公司都是報喜不報憂。

像艾克曼、吳東進這麼大咖的人一樣被騙。
按盈再表比較實在。
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發表於 2015-11-6 12:28  資料 私人訊息 
艾大師沒有"英文版"的盈再表

QUOTE:
原帖由 mikeon88 於 2015-10-31 15:44 發表
因為他沒有盈再表

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