I think he forgot to mention the backlash from the fact that the public will sooner or later realize that the big Pharma are subsidizing the rest of the world on the back of the American tax payer. Yet, a lot of this is getting discounted here in the prices and while I do not expect PE of 30 to be the norm for big pharma any time soon, they surely are selling right now at deep discounts to the S&P relative to their slower expected growth (slower than before). Big pharma is still going to grow faster than the S&P IMTO.
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