Here's Bill Ackman's full presentation defending his big Valeant bet by Julia La Roche on Oct 30, 2015, 2:47 PM Advertisement
 Bill Ackman, the billionaire founder of Pershing Square Capital, spent nearly four hours hosting a call defending his massive investment in Valeant Pharmaceuticals. Ackman has lost more than $1 billion on paper after Citron Research, a short selling firm led by Andrew Left, issued a report asking if the company was running an Enron-like fraud. The Citron report focused on Valeant's relationship with Philidor, a specialty pharmacy. Citron accuses Valeant of using Philidor to book "phantom sales."
Valeant has denied those allegations and said it would sever all ties with Philidor. On the call, Ackman said he expects negative press reports and scrutiny from regulators and politicians in the next several months. He also expects that investigations will conclude in four years. "Life will go on for Valeant. While this has been a very damaging moment for the company.... We think the Valeant business is quite robust." Ackman thinks the stock is"tremendously undervalued" and that it has an "89% upside." He added that investors are forgetting the "rest of Valeant's business."
He expects Valeant's share price to be worth $448 in three years. The stock price is currently down about 13% at $96.75, its lowest in more than two years. We've included the slides below: 
See the rest of the story at Business Insider
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