Zeev: I respectfully disagree with your final point that the large pharmas will outperform the S&P from here on out. That was precisely Edward Owens' point --- that even though they appeared "cheap", they were not a buy in his opinion. Look at the 5-year chart for any of the large pharmas --- I believe it is quite revealing. There is a steady drift downward which I believe will continue throughout this decade.
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