The following segment was excerpted from this fund letter.
Last fall I converted our equity investment in Allergan (AGN) into long-term call options expiring in 2021 with strike prices between $125 and $150 for reasons I covered in the prior letter. At the end of last December when the stock fell to even more unreasonable levels, I increased our investment by buying Allergan's equity at $130. During Q2 2019 the stock fell again, and I re-assessed the investment thesis from scratch and lowered some of my base case assumptions for long-term market share for