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Strategies & Market Trends : Buffettology -- Ignore unavailable to you. Want to Upgrade?

To: hoyasaxa who wrote (1726)8/11/1999 7:49:00 PM
From: Michael Burry  Read Replies (1) | Respond to of 4661
The interesting thing is pharms have outperformed over the last 10 years thanks as much to multiple expansion as earnings expansion. We're talking multiples 2-3X historical norms. Now comes Medicare and the issue of lawsuits. AHP's potential liability here is simply staggering. I'm just expecting some multiple contraction to recognize this.