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Your argument is not that Pfizer is not extremely successful, but that they could squeeze out some extra cash -- at what sacrifice?

Actually no sacrifice whatsoever other than the money spent on implementing a system that increases the efficiency of the process. In tomorrow's RM I'll shed a lot more light on exactly what I mean here.

I am quite pleased with the way they are managing the company and am resistant to economic philosophies that manage based on short term gains.

Actually, the biggest problem that I have with Pfizer is that they DO manage too much based on short-term gains. As discussed in this article : http://www.fool.com/portfolios/rulemaker/2000/rulemaker000411.htm I think that Pfizer manages its business with too much of a focus on the short-term that we see in the income statement and not enough focus on the long-term, which is better evidenced by a look at the balance sheet.

Phil

Phil
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