Saturday, January 23, 2016

Norman J Brodeur - David Tepper

Norman Brodeur - David Tepper

Norman J Brodeur - David Tepper

A Dozen Things I’ve Learned from David Tepper about Investing

David Tepper is an the founder of the hedge fund Appaloosa. Bloomberg writes that Appaloosa “invests in the equity, fixed income, and hedging markets. For the fixed income investments, the firm invests in high-yield bonds, bank loans to highly-leveraged companies, sovereign debt, debt of distressed companies, and other debt securities. It employs a fundamental analysis to make its investments.” The Reformed Broker (Josh Brown) adds: “If you had put a million dollars with David Tepper when he started Appaloosa 20 years ago, it would now be worth $149 million net of fees.”


1. “We have this saying: The worst things get, the better they get. When things are bad, they go up.”

This is David Tepper’s version of Warren Buffett’s view that the time to be greedy is when others are fearful. The principal cause of significantly mispriced assets is when Mr. Market is fearful. If you can be brave and aggressive at such times perhaps you have one of the attributes of a successful distressed asset investor. The problem is that vastly more people think they can be brave and aggressive at times like this than actually can do so. While Warren Buffett and David Tepper view the same phenomenon (fear) as an investing opportunity, the way they capitalize on the opportunity is very different. Both Tepper and Buffett know that Mr. Market is bi-polar, but they operate in different ways (e.g., operate in different time scales, with different circles of competence; different systems; different temperaments).

Sunday, January 10, 2016

Sunday, November 8, 2015

Management :William Nichols & Associates, Inc.

Management :William Nichols & Associates, Inc.

Norman Brodeur
Managing Partner

Norman is the Managing Partner of William Nichols & Associates and has been with the company since inception. Norman is corporate manager whom has extensive experience in the financial services industry and investment banking for over 20 years. Currently, Norman specializes in developing partnerships with emerging growth companies, especially digital media, entertainment, and disruptive technologies.
Prior to establishing William Nichols, Norman participated in over 30 private and public offerings most notably:
  • Winstar Communications whose revenue grew from $2.7 million in 1995 to over $445 million reaching a market capitalization in excess of $4.4 billion.
  • Aerial Communications in early stage financing which was acquired by VoiceStream Wireless (now T-Mobile).
  • BlueFly (Nasdaq: BFLY) a very early internet commerce site,
A dedicated family man, he is 42 years old married with two boys ages 10 and 13. When outside the office he enjoys Crossfit, attending live musical performances, spending time with his wife and children, Norman’s philosophy has been best expressed by one of his favorite artists Jimi Hendrix stating, “Knowledge speaks, but wisdom listens.”

Norman J. brodeur | Some of the more interesting findings - Video Dailymotion

Norman J. brodeur | Some of the more interesting findings - Video Dailymotion



Friday, October 30, 2015

Valeant Pharmaceuticals International Inc.cuts ties with Philidor as business

A specialty pharmacy that fills prescriptions for Valeant Pharmaceuticals International Inc. has altered doctors’ orders to wring more reimbursements out of insurers, according to former employees and an internal document.
Workers at the mail-order pharmacy, Philidor RX Services LLC, were given written instructions to change codes on prescriptions in some cases so it would appear that physicians required or patients desired Valeant’s brand-name drugs — not less expensive generic versions — be dispensed, the former employees said. Typically, pharmacists will sell a generic version if not precisely told to do otherwise by a “dispense as written” indication on a script. The more “dispense as written” orders, the more sales for the brand-name drugmaker.
An undated Philidor document obtained by Bloomberg provides a step-by-step guide on how to proceed when a prescription for Valeant dermatological creams and gels including Retin-A Micro and Vanos is rejected. Similar instructions for changing the DAW indication are supplied for patients who are paying in cash.
Ex-employees who worked at Philidor in the last two years, and who asked that their names not be used discussing their former employer, confirmed that prescriptions were altered as the document details. They said the intent was to fill more prescriptions with Valeant products instead of generics.
Valeant Cuts Ties
Valeant said Friday that it will cut ties with Philidor and that the pharmacy is shutting down, after Bloomberg first reported the news of Philidor’s practices Thursday.
“The newest allegations about activities at Philidor raise additional questions about the company’s business practices,” Michael Pearson, Valeant’s chief executive officer, said in a statement Friday. “We have lost confidence in Philidor’s ability to continue to operate in a manner that is acceptable to Valeant and the patients and doctors we serve.