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I did a little (very little) digging to see if I could come up with some clinical data. US Patents 4,302,471 and 4,247,540
were the first I came up with. However, I will grant that the relevance of the information to the issue under discussion is doubious. It occurs to me that many of the clinical studies would have been done by physicians (outside the pharma) Perhaps one must go past the pharma to the physicians actually conducting the studies.

Regarding age and experience, I agree that they are not the same; but the both provide elements of prespective that cann not be provided by the other. I think that experience obviously changes (increases) your database of knowledge; but age changes how you react to (prioritize?) that knowledge (for better or worse). But, we cannot totally decouple experience and age, as reasonably inquisitive people do gain experience over time. Some of it comes in brief intense episodes of exposure, but some comes day to day.

I appreciate your sharing your experience and I certainly agree that "The Fool" is a bit selfserving. As i see it, you can use a acturial approach to investing: (1) diversify (2) pick companies with long successful track records, and (3) integrate over time.

Or you can try to use specific knowledge to pick the winners in a specific time period.

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