A Wall Street Genius’s Final Investment Playbook

7 a.m., Pareto Innovation Headquarters.

Normally, this would be the time they were immersed in a meeting—analyzing data from the previous day and discussing strategies for the day ahead.

But today was different.

The employees had already arrived an hour early, finished their meeting, and gathered in front of the large TV placed in the center of the office.

For one reason only.

Because their CEO, Ha Si-heon, was scheduled to appear on a broadcast.

“It’s starting!”

Even the employees who had been sitting at their desks rushed toward the TV, swept up in the excitement.

But in truth, there was another reason why they were so engrossed in Ha Si-heon’s broadcast.

“There’s no way this goes by quietly.”

It was because there was an office betting pool on what outrageous thing Ha Si-heon might say next.

Everyone predicted he would cause another scandal on this broadcast.

Like during the Epicura incident or the Theranos exposé, they expected him to light a fuse with something shocking and cause a nationwide stir.

But how could such a situation arise just from the rising price of Botox?

Gonzalez had offered a $10,000 prize to anyone who could guess correctly.

“No more entries? This is your last chance!”

As Lenton shouted on behalf of Gonzalez, several traders eagerly raised their hands, throwing out their predictions like it was a competition.

“Maybe he’ll claim Botox is a legitimate medication? Say it’s used for polio and insist we must fight for the children.”

“Or he’ll say, ‘This isn’t someone else’s problem,’ and argue that you’ll need it in ten years, so it’s your issue too.”

“He might wildly exaggerate the price and insist it’ll soar all the way to $20,000…”

Amidst the flurry of predictions, Gonzalez firmly shook his head.

“Time’s up.”

Everyone’s eyes turned to the TV screen.

Ha Si-heon, now on camera, had exchanged greetings with the hosts and was moving on to the main topic.

What kind of bombshell statement would he drop this time?

[Haha, saying that a Botox price hike threatens public safety… isn’t that a bit of an exaggeration?]

[Botox is known for its cosmetic use, but in reality, nearly half of its usage is medical. It's used for chronic migraines, to relieve muscle stiffness in patients with cerebral palsy and multiple sclerosis, and to treat facial spasms. If prices rise, these patients will struggle to access necessary treatments.]

“I got it right!”

“Not yet.”

A few traders cheered, but Gonzalez shook his head.

This wasn't quite at the Epicura or Theranos level of impact.

[I see. So Botox has those kinds of uses too. But if it becomes too expensive, can’t patients switch to other drugs? At least for migraines, there should be alternatives.]

As the host asked, Ha Si-heon nodded.

[That’s correct. There are alternatives to Botox. But the real problem lies with drugs that have no substitutes. For example, the treatment for Wilson’s disease acquired by Valeant skyrocketed from $675 a month to over $20,000.]

[What? $20,000?]

“I won! He said twenty grand, down to the dollar!”

A trader shouted, clenching his fist.

But again, Gonzalez shook his head.

That trader had predicted Ha Si-heon would claim Botox prices would rise to $20,000.

But this wasn’t about Botox—it was about the Wilson’s disease medication.

[You won’t die without Botox, but with Wilson’s disease, it’s different. That drug is essential for survival. Valeant is basically telling patients, ‘Pay up if you want to live.’ It’s nothing short of extortion.]

[That’s a bit… haha.]

[Of course, it’s natural for companies to seek profit. But there’s a line that shouldn’t be crossed. Selling water is fine, but if you're gouging desperate people in the desert, that’s going too far.]

[Is it really that serious…?]

Ha Si-heon’s comments were far more provocative than expected.

The hosts were briefly speechless, and an awkward tension filled the air.

He wasn’t just portraying Valeant as a greedy company—he was painting them as a malicious organization profiting off patients’ lives.

[Ah, maybe I was a bit too blunt. My apologies. But the core message remains the same.]

[Still, Botox is a different case, isn’t it?]

One of the hosts quickly tried to change the topic.

They were attempting to steer the conversation back to Botox, the original subject.

But Ha Si-heon didn’t let that happen.

[You’re right. Botox is very different from the Wilson’s disease medication. However, we need to consider Valeant’s intent behind acquiring Allergan—Botox’s manufacturer.]

[Intent?]

[Valeant typically acquires two types of companies. One guarantees stable revenue. The other allows them to jack up drug prices and make massive profits.]

Ha Si-heon paused briefly, then looked straight into the camera and delivered his conclusion.

[To them, Botox is just a stable source of cash. They’ll use that revenue to acquire more drugs—especially irreplaceable ones for rare diseases. Those drugs can be priced however they want because patients have no choice but to buy them. They're high-margin products.]

Ha Si-heon looked down briefly and gave a bitter smile, then raised his gaze again and spoke with resolve.

[That’s why Allergan is opposing this acquisition. We don’t want our products used in such a way. If this deal goes through, all profits from Botox will end up worsening the suffering of rare disease patients. And that’s not something consumers would ever want either.]

As the interview shifted to a commercial break, silence fell over the office.

In the quiet, Gonzalez finally spoke.

“No winners this round.”

“That’s…”

“Yeah, fair.”

Everyone nodded in agreement.

Ha Si-heon had painted Valeant like an evil crime syndicate, and described Botox as their criminal war chest.

No one had predicted that.

“But… will that actually work?”

Someone asked cautiously.

To them, Ha Si-heon’s statements sounded a bit like an exaggerated conspiracy theory.

It was still uncertain whether these remarks would cause a nationwide stir like the Epicura incident.

Gonzalez fell silent for a moment, then smiled and said,

“Twenty thousand dollars.”

“No way…!”

“A new round begins.”

The employees’ eyes gleamed.

Gonzalez’s statement meant he would award $20,000 to whoever could predict what would happen next.

The bet had entered round two.

***

Public response to Ha Si-heon’s broadcast was mixed.

– Yeah, they really are scumbags.

– Twenty grand a month for a drug? That’s insane.

– He crossed a line… but still…

Most people agreed that Valeant profiting off rare disease treatments was ethically problematic.

However, their reactions were lukewarm.

To them, the issue of rare diseases still felt like someone else’s problem.

But there was one group that responded much more passionately.

The actual users of Botox.

– Valeant is way worse than I thought.

– I used to think they were just greedy raising the Botox price, but holding lives hostage for profit? That’s criminal.

– No wonder Orca had its eye on them.

In truth, these people had their own selfish motives.

If Valeant acquired Botox, there was a high chance the price would jump over sixfold, so they desperately hoped the acquisition would fall through.

That’s why they had long opposed the acquisition, arguing that “raising the price of Botox by 500% is immoral,” but their voices were consistently ignored.

The response was always the same.

—Then just don’t use it, right?

The anger of actual Botox users, who would be directly affected, was dismissed as petty complaints by outsiders who didn’t use the product.

But then, Ha Si-heon added fuel to that consumer frustration.

Fuel in the form of a 'cause.'

What happens when dissatisfaction is backed by a cause?

It turns into rage.

The cause that Ha Si-heon provided had the power to transform personal discontent into moral outrage.

The voices of Botox users grew louder and louder.

—We can’t let a company like this get away with it. We have to take action.

—I stayed silent when they acquired the Wilson’s disease drug. Because I wasn’t a Wilson’s disease patient.

—I stayed silent when they tried to acquire Botox. Because I didn’t use Botox.

—At this rate, Botox will become the next blood diamond!

They, too, had never cared much about rare disease patients before.

Under normal circumstances, they probably would’ve just said, “That’s unfortunate,” and moved on.

But this time was different.

Valeant had to be stopped.

For the sake of rare disease patients—and, more importantly, to protect their own wallets.

—Valeant is a company that profits off human lives!

—Buying Valeant’s products means you're complicit in the suffering of rare disease patients!

But there was another variable in play.

This was a time when “ethical consumption” was taking root as a cultural trend.

There was growing support for eco-friendly products, fair trade, and companies that promoted social equity—while products from unethical companies were being thoroughly boycotted.

In that context, Valeant’s product list began to rapidly circulate on social media.

—Let’s never buy Valeant products again!

—Bausch + Lomb? Turns out it’s a Valeant brand.

—Juvederm filler is theirs too, right?

—The money you spend on your eyes and skin might actually be the tears of rare disease patients.

As the boycott against Valeant began to take shape, tensions also started to rise within Ackman’s camp, which had been watching the situation closely.

“It’s just a small group stirring things up for now, but if it spreads to the public, things could change dramatically.”

The PM’s voice held clear concern.

It was only a small spark, but there was no guarantee it wouldn’t grow into a full-blown fire.

In just the past year or two, companies that had donated to anti-LGBTQ organizations had become targets of boycotts, and following the collapse of a factory in Bangladesh, there had been a strong backlash against fast fashion.

The BDS movement, protesting the oppression of Palestinians, was also in full swing—calling for a boycott of Israeli products and divestment.

Valeant, too, was becoming a target for those who prioritized “ethical consumption,” increasing the risk that the boycott could escalate.

“In this situation, sticking to our original strategy will be difficult…”

Ackman’s existing strategy had been to emphasize “maximizing shareholder value” regardless of public opinion, with a strong focus on profits.

But in a climate where the moral narrative was gaining traction, highlighting profitability alone only reinforced the image of a greedy corporation that Ha Si-heon had painted.

In doing so, they risked giving unnecessary fuel to the growing boycott movement.

“We’ll need to issue some kind of explanation.”

“Looks like it.”

Ackman responded, his expression slightly twisted.

In a war of public opinion, the one who seizes the narrative first always has the upper hand.

And right now, his “maximizing shareholder value” message seemed to be getting crushed by Ha Si-heon’s “moral provocation.”

It wasn’t a major threat yet…

But he couldn’t shake the feeling that they were being dragged along on the playing field Ha Si-heon had created.

An unpleasant feeling began to creep up in Ackman.

***

In the next broadcast, Ackman stood calmly in front of the camera, just as he always did.

[Ha Si-heon claimed that Valeant exploits rare disease patients, but that is simply not true. Aside from the Wilson’s disease treatment, Valeant’s portfolio contains no rare disease drugs. Most of our products are for ophthalmology and dermatology.]

[But wasn’t Ha Si-heon’s point that Valeant is using the profits from consumer products to acquire rare disease drugs? And isn’t there already precedent, since the price of the Wilson’s disease drug was drastically increased? Not long ago, didn’t you yourself defend this in the name of maximizing profitability?]

[Maximizing profitability doesn’t necessarily equate to exploiting patients. Even then, I emphasized ‘sustainability.’ If prices are too low, production becomes unviable, and in the end, that could lead to shortages of vital treatments for rare disease patients.]

Ackman’s tone was noticeably different from before.

In the past, he had pushed hard with statements like “profitability is a given,” but this time he emphasized “sustainability” and “social value,” showing a more cautious stance.

[Furthermore, rare disease treatments are originally low in profitability, so few companies are willing to invest in R&D. But if prices rise and profit improves, more companies will enter the market, and new treatments will be developed. Ultimately, this will benefit society as a whole.]

[But what about patients who can’t afford those drugs? Won’t they be completely shut out?]

[That’s not true. Many of the drugs for which we raised prices are included in our Patient Assistance Program (PAP). This system allocates a portion of profits as subsidies to support uninsured or financially vulnerable patients. In many cases, insurers also help cover patient costs.]

Having logically countered each argument, Ackman concluded with this:

[If Valeant were truly a company that exploits rare disease patients, I would not have joined them. I’ve always led efforts to help the socially vulnerable and have done my utmost to fulfill my social responsibilities through the Ackman Foundation.]

An appeal that he was not someone driven purely by profit.

In fact, he ran his own foundation and had even pledged to donate half of his entire wealth.

Using that virtuous image as a shield, he mounted his final defense…

At that moment.

Ha Si-heon, watching the broadcast, smiled faintly at the TV screen.

As if he’d been waiting for that exact line.

‘Shall I pour the second round of oil now?’