No. of Recommendations: 2
After more than a year of dithering, I bought CVS shares today @ ~$54/share.

My purchase was driven in part - and this may be telling - I *slightly* *reduced* my required "margin of safety" for CVS. I had previously required a *very large* margin of safety requirement to purchase CVS because of the concerns outlined in this thread (Aetna merger, viability of retail/PBM in a single entity, etc.) However, a review of my investing process the past few months convinced me (maybe falsely?) that my prior margin of safety requirement for CVS was too high - so I lowered it. FWIW, my margin of safety requirement for CVS is still higher than my default purchase approach.

As importantly, CVS stock price hit multi-year lows so my lower margin of safety meant I was comfortable making a purchase.

A few post-purchase justifications:
* CVS appears to be enticing with the current BMW graph: but that wasn't a major factor in my purchase.
* CVS continues to show up the high ROE/low prices Joel Greenblatt "Magic Formula" screen ( )

I still think this is a beast of a company that will be challenging to get right and maneuver as needed - but I do believe the stock price more than reflects that risk.

Long CVS
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