He admitted to several important things. For one, his average cost is $186. Also, he owns upwards of 21 million shares, making VRX his largest position in the “mid-teens” as far as positions size goes.
And, lastly, he said the stock has 89% short term upside and should be worth $448 within 3 years.
Here are some other notes from the call, via Briefing.
Does not believe business model is broken; Notes there are some big holders still in the name; thinks passage of time will lead to a revaluation of the co.
Does not see Philador as being materially relevant.
Does not believe a share buyback is the co’s first choice for use of cash at the moment.
Ackman has no plans to ask for a seat on the Board.
Notes Novartis saw similar issues however the stock was never attacked because people had more confidence in the co’s business model as it has been around longer; believes the perception is unfair to VRX.
From what it has heard, believes there could be some overstatement of Philadors numbers; does not believe VRX had sufficient control over Philador.
To me, this is pretty unbelievable stuff, putting himself out there like this. It’s reminiscent of his absurd JCP plan, or his HLF vendetta. Ackman does things big and very public. If this turns south on him, he’s gonna be wiping egg off his face for a very long time.
VRX is near the lows of the day, down 13%. Citron has been rubbing salt into Ackman’s wounds, tweeting VRX has a better chance of seeing zero than HLF ever will. Ouch!
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Epic snark by Citron. You should invite them to be members of the peanut gallery.
also heard Ackman has zero cash left as he spent it all on his VRX adds
the boy is gonna be feeling some MAJOR HEAT
with zero cash, One redemption will have hedge funds circling Ackman & VRX like sharks on chum
what did he say about BIDU
Fuck that, I’m not insensitive to the fact that they did some sketchy things, but I don’t give a shit. I just want them to make ME money. I’m buying down here, tucking the shares safely under my mattress and coming back in three months to check on them, figuratively speaking.
Homeboy has major balls. Gotta give him that. He’s tired of being a billionaire.
VRX will act like an abused house wife. She fucked up, she got her ass whooped proper. Moving forward, nothing but best behavior.
About the previous thread, if anyone else besides me wants TV stations to hire intelligent civil people who know about news, instead of clowns who know about entertainment– then all 2 or so of us should write to the CEOs of the TV stations we watch and demand this.
I feel Bill Ackman and I are soul sisters. $WMT $VRX It’s all relative.
The shorts were kind enough to give him a two hour head start before eviscerating him.