Grant Lawson

Are Pharmaceutical Companies Investable?

Part of me wishes all companies would offer this sort of model. That way it would be easy to avoid decent businesses who throw their cash flow into new ventures. It's just too bad the real world doesn't work this way. Public companies are messy.

The other part of me likes some intangiblity in my investments though. For example, by buying JNJ I think I get management competence in capital allocation, along with several businesses/products which make up the greater whole.