RE:RE:Warm welcome to PapaIt was definitely up from that, but also:
- People had time to digest what Ackman said on CNBC. (they will pay debt from free cash flow and other methods without selling key businesses which keeps growth in the picture). Along with a lot of other well presented points.
- Papa took the office
- The morning showed support against a broader down market which proved a bottom and gave confidence to buyers.
- Munger said Ackman was a very smart guy who has made good calls in the past and said he is right about Herbalife.
Basically everything is turning in Valeants favor with limited downside. They can absolutely pay their debt with selling a few non-core assets as a last resort to bolster their already substantial and growing free cash flow of $2 billion per year.