Jeremy Grantham (Trades, Portfolio) has built a reputation over the years by identifying speculative “bubbles” as they were happening and guiding clients away from them. His third-quarter transactions suggest that the reverse may be happening in pharmaceuticals.
Grantham’s most significant transaction in the third quarter was the addition of 6,467,840 shares to his stake in Valeant Pharmaceuticals International Inc. (NYSE:VRX), a Canadian pharmaceutical company, for an average price of $233.19 per share. The transaction had a 4.01% impact on Grantham’s portfolio. Continue Reading »