Experience Stern | News & Events

Excerpt from RT -- "Lazy investors and lazy analysts get exactly what they deserve. Nobody forces anybody to use pro forma statements. We use them because it fits our preconceptions. So as Valeant was climbing from 50 to 60 to 80 to 100 to 120 to 140, a lot of people were looking for reasons to buy it. And what those accounting numbers did--remember they still were reporting the GAAP numbers. They were also reporting the pro forma numbers and the cash earnings per share. But those are almost add-ons. Investors chose to latch on to whatever number they thought would give them a justification for buying the stock."

Watch the video