Pershing Square Activist Presentation Deck
Valeant: Context on the Company (cont'd.)
► Valeant's business and strategy are complicated to understand; GAAP
accounting is an inadequate measure of an acquisitive company
■ Investor base has historically consisted of sophisticated, long-term
investors (Ruane Cunniff & Goldfarb, T Rowe Price, ValueAct, Lone Pine,
Brave Warrior, Brahman Capital, etc.)
► Valeant's complexity necessitates:
■ Strong, high-integrity management
■ High level of transparency
Anything less than complete transparency leaves Valeant susceptible to
attack
► Valeant's implicit compact with shareholders: in exchange for high returns,
investors accept complexity so long as there is transparency
► Valeant has underinvested in public relations, government relations, and
investor relations. This has been a very costly mistake
LO
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