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Pharmaceuticals: Pfizer Is a Buy

Pipelines are overrated. No one can predict how a drug will do 5-10 years from now. A promising drug could end up having untolerable adverse reactions and be pulled from the market (i.e. Vioxx, Bextra etc.). A bust drug could end up being an unexpected blockbluster for a completely different condition (i.e. Viagra). In the long run, it all evens out. Pfizer is a good long-term value now with a safe 7% dividend yield and solid balance sheet. In this turbulent market, you could definitely do worse.