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Sam Zell - The Grave Dancer on Private REITs, the Macro Landscape, & Timeless Investing Wisdom | #478

The Meb Faber Show - Better Investing

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What Has Been Your Most Memorable Investment?

When the FDA was created in 1936, what do you do with grandfather drugs? And so they put a provision in the bill that said that in effect, grandfather drugs did not have to be retested. But if you took a grandfather formula and proved new efficacy, then the government would give you a monopoly on that effective use of that compound. He explained to me that the number one grandfather drug was aspirin, which made sense. And Guey esophane was number two. So I thought about it and I decided to back it. We began the process of going through the FDA and doing drug trials. And eventually we succeeded. The product, mucynics, is an enormously

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