Jeff Ubben and co are having their hats eaten for them by the purveyors of the Citron Research blog, as is William Albert Ackman, John Paulson, and many other big, powerful, and strong, hedge fund managers.
This must pain these men of leisure to no end. To succumb to the social pressures of a rabid short seller crowd, based upon the missives of a man with a last name that is the inverse of right, plagues them.
Activist investor ValueAct Capital said its fund fell 8.3 percent during the third quarter, wiping out its gains for the year, hurt by a plunge in shares of its main portfolio company, Valeant Pharmaceuticals International Inc.
For the nine months ending on Sept. 30, the ValueAct Capital Master Fund was down 0.9 percent, ValueAact said in a letter to investors which was seen by Reuters on Monday. As of the second quarter, the fund had been up 8 percent for the year.
ValueAct also said it is launching a new offering for investors that would lock up their money for five years. This new investment tranche will allow ValueAct to draw down capital over a period of three years rather than receive it up front.“The fund performance in the third quarter was difficult and disappointing,” said the letter, dated Nov. 12, adding that ValueAct saw 10 percent or more share price declines in four of its largest core investments.
As of last filing, ValueAct owned a little more than 4% of Valeant. Due to the “fuck you, you’re dead” nature of the decline, VRX has completely fucked and ruined Valueact’s otherwise solid performance, ravaging the fund of its 8% return.
LOLz
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Does it really matter to these guys? If it’s part of a 401k they don’t lose. Us suckers do who use that instrument. I gotta think up or down, those guys are fine. It’s Joe the Schmo who’s looking at a flat line for the year.