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Valeant's recent debt restructuring buys them some breathing room (later maturities) at the expense of higher interest rates for that part of their debt. But that increases their current interest expense, which is already high, which will cut into R&D and earnings.

My own inclination is to buy more long-term puts, figuring that Mr. Market will become disillusioned by 2020.

I'm a little surprised that whichever Gardner picked this one hasn't commented on the state of affairs since the collapse. Or has he, and I missed it?
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