Portfolio Manager

Gilead Sciences: Smart Company, Great Track Record

Every time Gilead makes an acquisition, some commentators accuse them of overpaying. And every time, the acquisition turns out to have been an extraordinary bargain. Gilead is also a tremendous innovator in the structuring of partnerships. Working with Bristol Myers to put AIDS drugs from two separate companies into a single pill has been a huge win, both for the companies and for the patients. Because the excellence of the company's management is not well understood, investors have been consistently underestimating Gilead's growth for almost a decade.