On November 5th I started building a position in Valeant (VRX). I had a strong hypothesis that the negative news against the company was severely overdone and there was an opportunity to profit.
From November 5th to my final purchase on November 28th, I bought Valeant shares a total of 28 times and accumulated 440 shares long (approx $34,000). For those that follow my yearly results, I only allocate around $60,000 to personal trading, so this was over half my portfolio.
I ended up selling out of my long this past Wednesday morning after Valeant broke through $100. My net profit after commissions was +$10,010.55 which was my largest profit in some years.Continue reading