Livermore Partners Q1 Letter: Up 18%; Short Valeant (VRX)

Livermore Partners Q1 Letter: Up 18%; Short Valeant (VRX)

To: Partners:

US and major global developed markets ended 2015 on a downtick and 2016 began with its worst start since 2009 on all major indices. Much of this bear forces held the same dynamic of the past miserable year: China, Oil, the strong US dollar and the Federal Reserve- in that order. To make matters worse, small caps, which were already in a bear market, took it on the chin once again as investors fled to “quality” large cap and more liquid names.

All that quickly changed in mid-February . . .


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