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Subject:  Re: VRX - Some notes from recent news Date:  3/17/2016  4:50 PM
Author:  DTBoojum Number:  24028 of 26249

3. 2016 non-GAAP eps is expected to be $9.50 - $10.50, prior guidance was $13.25 - $13.75B.


No B at the end by the way. But I can't believe you are even quoting these BS (not balance sheet) numbers. I am open to the idea that this might be a contrarian bet, for someone who wants to swing the bat real hard and knows they will probably miss the ball, but I am slightly open. Whether I make up my mind before the stock goes to zero is another question.

Today I added this to my notes. "On the conference call, Pearson stated all companies get SEC comment letters once a year. That is not at all correct. "It's a comment letter that all companies get."

Here are my notes on OneDrive!59...

I skimmed through your notes, and BTW thanks very much for posting these - it's a nice transparent touch.

But what on earth does #3 have to do with anything? Now that we have been taught to take basically anything Pearson says as probable self-serving nonsense, and given the fact that we pretty much know that these non-GAAP numbers make no sense, I think we should stop paying ANY attention to them. No, the company is not trading at 3x revised earnings. Those are not earnings. Period.

It's good to re-read what we were thinking, and how Ackman thought this was a great deal at $110 a few months ago (now sub $30), and how Jason Donville was outraged that 'some turkey in Nevada', an is even allowed to say these critical things about hist top pick in October 2015, Valeant (and causing the stock to plunge from about $180 to $120). (In fact, Donville was plugging it $213 (maybe Canadian dollars), saying he didn't think the price would stick around at that (low!) level too long.

Didn't see anything about SEC comment letters - what were you referring to ?

Regards, DTB

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