We continue to believe that the pharmaceutical industry is selling at an undervalued price. In the semi-annual report, we detailed why we thought it was cheap. We wrote the following:
“As if Valeant (NYSE:VRX) has not given enough pain and anguish to our unitholders, we believepharmaceutical stocks as a group are selling at attractive valuations. They generate their earnings in cash and most of them are selling at less than 10 times cash earnings. Some of them are down more than 50% from their highs, which is what caught our attention initially. It may look like we are adding more....More>>>