Pershing Square's Bill Ackman once predicted Valeant would be the next Berkshire Hathaway, saying its shares could hit $330 took a roughly $4 billion loss on the embattled drugmaker as he reported his complete exit overnight.
For today's moment of blizzard-refuge Zen, we bring you the following excerpt from Gartman's daily letter in which the "world renowned commodity expert" takes on Bill Ackman over his Valeant capitulation and $4 billion loss. Because people who live in glass houses, and invest their retirement accounts, do throw stones in their newsletters.
With tomorrow's rate hike baked in the cake, today's hotter than expected PPI print for February provides Yellen more cover (as economic growth forecasts slump). PPI Final Demand surged 2.2% YoY (more than expected) driven by a 4.0% YoY jump in final demand goods. This is the highest inflationary print since March 2012.
Final Demand Energy prices surged 19.8% YoY
“It was the best of times, it was the worst of times, it was the age of wisdom,
it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity,…”
Charles Dickens
A Tale of Two Cities
I'm back -- Chris
This week’s meeting of the Federal Open Market Committee is being set up in the financial media as a contest between the anti-inflation tendency led by Fed Chair Janet Yellen and the pro-growth forces led by President Donald Trump. Would that it were so.
European stocks declined for first session in five ahead of Wednesday's Dutch elections, debt ceiling expiration and the conclusion of the Fed's 2-day meeting where it is expected to raise rates by 25 bps. Tightening concerns emerged, also dragging down Asian shares and S&P futures, while the dollar continued its rise for a second day. Crude oil has ended its six-day drop. The pound tumbled 0.8% to the lowest since mid-January in a delayed reaction after Theresa May won permission to trigger the country’s departure from the EU.