This is what happens when you pile into a single stock like a fucking megalomaniac. Your fucking accountants tell you to take tax losses and you look like a pie faced moron.
Ackman’s Pershing Square Capital Management sold about 5 million shares of Valeant in order to create a tax loss for investors in two accounts, according to a regulatory filing on Thursday. The fund retained its stake in two accounts that wouldn’t get the same tax advantage. Annual losses on investments can be used to lower investors’ total U.S. taxes in some cases, according tothe Internal Revenue Service.
Bill reduced his position to 8.5% from 9.9%. Remember when he got all bold and shit, talking about if he could buy more he would? Yeah, he was selling.
In other news, Greenlight Capital suffered its largest drawdown since ’08, off by 20%. No word on what the fucked faced from Pershing Sq did in 2015 yet. I am sure the news will be charming.
If you enjoy the content at iBankCoin, please follow us on Twitter
Nice trade Fly! The cream will rise to the top. I love it when politicians try and weasel their way into a bubble. In the biotech sector, the law of accelerating change in technology will outperform any garbage they spew. Hopefully Martin Shkreli cloned himself. Happy New Year!
Hopefully Martin Shkreli cloned himself? Meaning what? That if you get a serious illness, you would prefer to hand over your entire net worth to some pharmaceutical company, as payment for the drugs you need to treat your illness?
He shed some light into the shady side of the sector and the market took care of it. That is all. Usually when this happens, it is a good opportunity to buy quality names?
Oh, okay. I see what you mean there.
Fly, this may sound like an elementary question but how and why does a hedge fund, such as Pershing, deal with four different accounts (or more)?
Meaning, are some of the funds dollars in a retirement/IRA account while others would be considered regular brokerage for the normal folk? What are the advantages/disadvantages and would investors put their money in more than one of those accounts?
Thanks in advance for the knowledge.
Any readers in LEI? That would have been a nice way to end the year.
LEI wtf ? That’s some crazy shit.
This is just the start. The house of saud does not know what they are being delt in this game.
hey ackman, you don’t need inside information to lose money. ha ha ha