Thought you had a bad day?
How would you feel to wake up this more a billion dollars poorer?
Bill Ackman lost over $1 billion today on his position in Valeant Pharmaceuticals (VRX). Valeant's stock recently collapsed after the company reported fourth-quarter earnings that fell way below analyst estimates while cutting its revenue forecast for the year by about $1.5B (12%). Ackman has been defending this position and his fund, Pershing Square, was even adding shares as recently as last week in this grandiose loser. In Pershing Square's largest holding (13%), their losses on paper are currently north of $2 billion! But hey, it's not a loss until you hit the button!