The Success and Mistake of the Pharmaceutical Industry

Charlie and I agree that the industry has been a very lucrative business over time. We admit to making a mistake by not taking a package approach previously. We only purchased a small amount, which was almost worse than buying none at all. In the past, we have preferred investing on an industry-wide basis rather than targeting specific companies. It's difficult to evaluate individual companies, especially considering recent setbacks for Bristol Myers and Merck. However, this shouldn't discourage us from adopting a basket approach.