MustBePatient: Regarding FRX.
It does indeed have a P/S and P/B of slightly over 4. However, it has a 37% operating margin, zero long-term debt and DOES have substantial free cash flow, about $700 million per year. What I especially like about FRX is what Zeev alluded to in a response ---- that sentiment toward the pharmaceutical sector is SO negative. This is something Schaeffer's Investment uses to great advantage.
I would have preferred that it form a nice base, but still feel that nibbling with a partial position has substantially more upside than downside at this level.
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