Charlie Munger: Valeant “Deeply Immoral” but “No Enron”

In a Bloomberg article “Charlie Munger Isn’t Done Bashing Valeant” (November 1, 2015), Berkshire Hathaway Vice Chairman Charlie Munger describes Valeant as “deeply immoral” but is not Enron:

“Munger elaborated on Saturday: Valeant relied on “gamesmanship” to run up its value. Its strategy, using acquisitions and price increases, is different from ITT, but it still created a “phony growth record,” he said. Unlike Enron, Valeant’s stock isn’t a house of cards because it has some valuable properties, including its portfolio of treatments, he said.”

These comments are similar to my own in a Smith Brain Trust article (October 21, 2015):

“And unlike Enron, Valeant has real products through brands like Bausch & Lomb and popular pharmaceuticals.”

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