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Trump Hates Them – We Love Them

in FP: Stock Analysis

A few weeks after Donald Trump was elected president of the United States, he was asked about pharmaceuticals prices. With typical rhetorical gusto, he declared, “Pharmaceutical companies are getting away with murder.” Well, my firm has been increasing our allocation to those “murderers,” and despite Mr. Trump’s comments, we are very comfortable with our positions in the…

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Amgen – Biology vs. Chemistry

in FP: Latest/FP: Stock Analysis/Stock Analysis

June 22, 2016 – Excerpt from Q2 2016 letter to IMA’s clients Purchase of Amgen: First we need to explain a peculiar difference between pharmaceutical and biotechnology companies.  A simplistic explanation would point to the sciences they pursue – chemistry vs. biology.   Pharmaceutical companies work with chemical compounds (some of which are derived from…

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Good Company vs. Good Stock

in Stock Analysis

This is an excerpt from a comment I read on Daily Speculation. It is such a common misperception that I had to write a response: “Great stocks [Google, Apple] are to be owned. Companies who dominate their space are to be kept and allowed to grow. Those who have built fantastic franchise names should be…

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