It’s no secret that pharmaceuticals and healthcare are big
business in the global economy. Last
year alone, drugs and medicine made up over $318 billion of world exports—but
where do all those pills, serums, and creams come from? It might surprise most Americans that the
good ol’ US of A is a distant fifth in pharmaceutical exports, behind
Switzerland, Germany, Belgium and France.
At least it is comforting that the two countries most respected for
quality and precision manufacturing – Switzerland and Germany – are atop the
leader board in this industry where those characteristics are literally of life
and death importance! (Chart source: www.howmuch.net)
Womack Weekly Commentary September 18, 2017 The Markets “In theory, there is no difference between theory and practice, in practice there is.” Yogi Berra was talking about baseball, but the concept also applies to diversification, according to the GMO White Paper, The S&P 500: Just Say No . From the title, you might think the authors – Matt Kadnar and James Montier – don’t like U.S. stocks. They do: “Being a U.S. equity investor over the past several years has felt glorious. The S&P 500 has trounced the competition provided by other major developed and emerging equity markets. Over the last 7 years, the S&P is up 173 percent (15 percent annualized in nominal terms) versus MSCI EAFE (in USD terms), which is up 71 percent (8 percent annualized), and poor MSCI Emerging, which is up only 30 percent (4 percent annualized). Every dollar invested in the S&P has compounded into $2.72 versus MSCI EAFE’s $1.70 and MSCI Emerging’s $1.30.” The au...
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