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The opportunity for investors lies not in buying pharma as a monolith, but in understanding the six distinct categories, identifying which cycle each is in, and selecting companies with the best combination of structural positioning, execution track record, and valuation margin of safety
Yao D, Li R, Hao J, Huang H, Wang X, Ran L, et al
El Maghraby H, Nafee T, Guiziry D, Elnashar A
