While all the news is about today’s conference call, Goldman takes a look at last week’s ‘crisis’.
The 35% plunge in Valeant Pharmaceuticals is a classic example of reflexive behavior in financial markets, according to Goldman Sachs.
In a research note issued to clients at the end of last week and reviewed by ValueWalk, Goldman concludes that Valeant’s plunge is a perfect example of George Soros’ concept of reflexive financial markets, as described in his book, The Alchemy of Finance: Reading the Mind of the Market (1987).
Originally conceived by William Thomas in the 1920s, and...
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