We talked about Bill Ackman's Pershing Square and its terribly bad quarter in a previous post. The list of hedge funds which have been burned by Valeant Pharmaceuticals is, however, much longer. Valeant was also instrumental in crippling the returns of Lone Pine Capital's hedge funds.
Lone Pine's Cypress suffered a net loss of 8%, whereas Lone Kauri, Lone Tamarack and Lone Cascade were down 7.9%, 7.1% and 4.5%, respectively. Lone Cascade is a long-only investment vehicle. Last year Lone Cypress was up 8.7%, a gain which has been wiped out by the losses incurred in the first quarter of this year, according to a letter to investors reviewed by ValueWalk.
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