Subject: Bill Ackman, Valeant and a world of investing pain
From: "Bloomberg View" <[email-masked]>
To: <[email-masked]>
Date: Wed, 15 Mar 2017 05:01:35 -0400 (EDT)

.footer .iOSLink a {       color: #666666 !important;       text-decoration: none !important;     }      @media only screen and (max-device-width: 480px) {       body {         padding: 10px !important;       }       .one-column p,       .one-column li {         font-size: 19px !important;         line-height: 29px !important;       }     }A daily digest of opinions and analysisAckman Is Done Losing Money on ValeantA company that looks like it was designed by activist investors was a disaster for one of America’s most prominent ones: Bill Ackman’s Pershing Square Capital Management sold its entire stake in the troubled pharmaceutical company this week, after losing at least $2.8 billion. Nearing the one-year anniversary of his column “Ackman’s Valeant Investment Keeps Getting Worse,” Matt Levine takes stock of the lengthy indignity, while Barry Ritholtz sees in the debacle a lesson about the underappreciated virtue of consistency.Shortfall in Bank Ethics Stretches to the Very TopThis week, a deputy governor at the Bank of England resigned after it emerged that her brother works at an institution she would be regulating. Oops! Mark Gilbert says the episode speaks to a broader problem in a profession where even bankers say their employers are ethically challenged.Untested Robo-Advisers Are Becoming a Big Market RiskThey’re trendy enough to make an appearance at SXSW, but robo-advisers pose dangers that could exacerbate financial market moves. Jason Schenker warns that the highly automated form of passive asset management has yet to face a major real-world challenge, especially a downturn.Scandal Fatigue and the Trump Ethical SwampDid you hear that a Chinese company is set to make the largest-ever investment in a Manhattan apartment building, which happens to be owned by Donald Trump’s son-in-law and adviser? Or that the $4 billion deal, which some experts say is unusually favorable to Jared Kushner’s company, is being planned as Trump and China’s Xi Jinping discuss a diplomatic summit? While Americans may be tempted to let the details of every shady-looking deal whiz by, Tim O’Brien warns them not to let their guard down.How to Stop Murders in Struggling CitiesHomicide is near a five-decade low across most of America, but pockets of violence exist in places such as Baltimore, St. Louis and Detroit. Noah Smith sees a critical job for government: Police in low-trust communities need to protect residents, rather than persecute them, in order to stop the cycle.Ritholtz’s ReadsTrouble may be ahead for PE investors (FT/Alphaville)Fixed index annuities: “Magical” or “unsuitable”? (Philadelphia Inquirer)Great groveling, guys: Counting all the ways analysts fawn over management (MoneyBeat)(Read Barry Ritholtz’s full daily news roundup here.)Bloomberg GadflyAsia recovers its appetite for oilTrumpcare gridlock may be a boon for health careDon’t cry for Europe’s bonus-deprived bankers(Read more from BV’s sister site for fast business commentary.)Bloomberg L.P. ● 731 Lexington Avenue, New York, NY 10022Web ● Facebook ● TwitterFeedback ● Unsubscribe

If you believe this has been sent to you in error, please click <http://link.mail.bloombergbusiness.com/oc/57d81a102ddf9c08613460d75g0fk.18r3/90effb4b> to safely unsubscrib