The Lesson from Bill Ackman's Valeant (VRX) Woes

There is big news in the world of hedge funds this morning, where Bill Ackman has, we are told, bailed out of his well-reported position in Valeant Pharmaceutical ( VRX ). For those who have managed to avoid the saga, Ackman’s fund, Pershing Square, invested in the firm a couple of years ago, when consolidation in