
188 The f as t ro ad d ow n
company that was trading much too expensively. So we shorted the stock
and bought shares in FMC to effectively recreate a short position in
Fresenius ex-FMC – a typical hedge-fund trade.
I often thought of Fresenius as the kind of company you wouldn’t
want to be a client of unless you really had to. If you were using
Fresenius Kabi’s products it might be because you were mortally ill or
had been in a traffic accident and you were unable to absorb nutrients
in a normal way and had to use their sophisticated intravenous
systems. A client of the Biotech unit might recen