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b_b  ·  2909 days ago  ·  link  ·    ·  parent  ·  post: The Hedge Fund Killing Field

Relevant

The money quote:

    “Why do people believe it?” asked David Maris, an analyst at Wells Fargo. “They follow Valeant because they want to follow it. They want to believe they have found a new way to make money in pharmaceuticals without investing in new drugs — it sounds like a magic money box.”

Someday, financial people will realize that they can't actually print vast amounts of money, but a lot of innocent bystanders (e.g. CalPERS investors) are going to bleed until that day comes.