Path dependency is a very important concept. It’s something we constantly think about, and thus, we’ll take a small detour to explore it. In addition to our traditional quality analysis,…
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Teva Pharmaceutical
Today I am going to do something we rarely do. I will share a large excerpt from IMA’s last quarterly letter to clients. Our quarterly letters are somewhat unconventional in that…
As a shareholder, you do well to place more emphasis on risk than on reward. Corporate management usually does the opposite, and this is why most large acquisitions fail. In…
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…