The Tell: Bill Ackman has ‘something to prove’ after Valeant mistake

LAS VEGAS (MarketWatch) — Billionaire investor Bill Ackman said Thursday he has “something to prove” after a costly investment-gone-wrong in drugmaker Valeant, and that he and his firm see better days ahead.

Speaking at the SkyBridge Alternatives, or SALT, hedge-fund conference, Ackman walked through the investment his Pershing Square firm made in Valeant VRX, -0.22% — a position he liquidated in March at a $4 billion loss. Ackman apologized to investors in Pershing Square’s annual letter earlier this year.

Read:Bill Ackman apologizes for $4 billion Valeant mistake

Ackman said that selling the Valeant stake “was one of the best things we did.

>>> Original Source <<<