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Strategies & Market Trends : Value Investing

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To: schzammm who wrote (19882)	10/16/2004 10:15:57 PM
From: Brendan W	Read Replies (2) of 78702

shzammm - i'm in pfizer, bristol, novartis, and j&j and still like them as investments. the one set of risks that you only vaguely reference are the political risks. Paraphrasing Morgan Stanley: [Abbott]... "... faces a number of risks to its upside price target which include political risks facing the pharmaceutical industry which may result in major changes affecting drug prices". The last Democratic president (who was more conservative than Kerry) attempted changes to healthcare delivery that were potentially damaging. The level of damage possible if a Democratic administration gets creative (single-payering Medicare, whatever) is not estimable. It is not clear that a Kerry administration would continue support for the private sector's drug discovery (multi-billion dollar payoffs for important new drugs). In other words, there's a 50% chance that things could be more adverse a year from now (perhaps significantly).

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