Betting on Bausch with the big guys

A lot of people talk about the “smart money”. “Follow the smart money” they say, or “the smart money was buying while the market sold off”, and all sorts of things that basically allude to those who act against the conventional wisdom of the masses and end up making a lot of money in the process. The “smart money’, or “market wizards”, or some such fantastical title is given to these mysterious and unknown market participants that are somehow always right.

Well, today we are going to be following some of the investors that we consider to be the “smart money”. Four billionaire investors.

Bausch Health Companies (BHC) is the third largest position in the portfolio of John Paulson (famous for his bet against subprime mortgages). It is the second largest position in the portfolio of one of the best healthcare investors in the business, billionaire Larry Robbins. It is a top ten position for the activist investor, Mason Morfit. Add to this line-up, arguably one of the best investors of all time, billionaire Carl Icahn, who has joined the party in February.