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Trump Hates Them – We Love Them

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 […]

Purchase of Allergan and Sale of Teva

June 22, 2016 – Excerpt from Q2 2016 letter to IMA’s clients To talk about our purchase of Allergan we have to talk about sale of Teva – as you’ll see, they are very interrelated.  Our buy thesis on Teva was simple: it’s a dominant generic pharmaceutical company, and a large portion of its profitability […]