Ann: Appendix 4E & Preliminary Final Report, page-72

We live and learn. I’m the idiot who thought Elanco would be on the up and up with PAA. Clearly they are not. ELAN’s MC has gone up by almost 50% the last 6 weeks. It’s like Bill Gates said in The Simpsons: You don’t get rich by writing cheques (to PAA).

I see PAA in patent/court/negotiation purgatory for the next year at least.

And I’m not buying the creative accounting value of the Intangible assets, which is EXACTLY the same value as last year. Why not halve it, or double it? It might as well be $0, it’s made up.

I’m holding only for Epichem. Currently it’s valued at about 20-25 P/E. Surely they’re in a growing market.