I referenced the huge discrepancy in information access regarding CHK’s price action in a previous post.
In yet another reminder of why you should do your due diligence and not follow names, whether its Buffet, Klarman, Einhorn, Ackman, or Barney, emails from Bill Ackman, stating all the Bear angles for Valeant, have been released.
As he was publicly pumping the stock, he was privately, saying things like:
“Valeant has become toxic… We are on the brink of a catastrophe…You have previously made the mistake of waiting while Rome was burning. There is now a conflagration… We are on the brink of a tragedy.”
“When Mike said that you were running out of time on the call, he was right in that the company is running out of time to save itself,”
Jumping on the coat tails of others is a bad idea.
The “smart money” is not looking out for you.