Healthcare was one of the industries hardest hit by the Brexit vote. Valeant (VRX), in particular, fell another 7.6% in Monday’s trading, falling to yet another new 52-week low of $18.73 (in other words, same headline, different day). Any long positions on this stock are purely speculative, in my opinion.Some might say that the bottom should be close by, as the stock’s book value per share (i.e., theoretical liquidation value) is not far below at $15.23 per share. However, the issue is that 84% of VRX’s assets are classified as intangible. These intangible assets – customer relationships, brand value, goodwill from M&A asset write-ups, etc. – could prove to be worthless in an actual liquidation scenario. I believe its liquidation value would actually probably be nothing. Even a mere 14% impairment/reduction of this figure would give no remaining residual value. This company is very unhealthy and not worth the risk until evidence proves otherwise.