Teva has been one of my most frustrating investments over the last several years.  The business is the largest generic drug manufacturer in the world and benefits from tremendous scale advantages.  There has been a considerable amount of concern pertaining to the pending expiration of Copaxone in May of 2014, which accounts for 20% of...Read More

One of the hardest things to evaluate when investing in businesses is how management will allocate capital.  The best thing to do is look at management’s historical track record, but there is no perfect way to measure things.  Great capital allocation can make an average business a great investment if bought at the right price....Read More