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Saw an interesting story yesterday, Gilead, a pharmaceutical company, is buying another smaller biotech company. This company has developed a new breast cancer drug that shows tremendous promise. They are paying twice the current value to lock up the deal and stop any pending bidding wars.
Unfortunately breast cancer drugs are a huge, profitable market, and Gilead wants a toehold there.
Thomas Sowell: There are no solutions, just trade-offs.
WSJ today, the stock market has rebounded to pre-Covid levels. Amazing considering how hurt some of the economy remains. FedEx had their busiest quarter ever. Anytime I go into the city, I see numerous, Amazon, UPS, and FedEx trucks.
Sidebar: Before Covid, the US poverty rate had slipped to its lowest level since 1959. A pro-business administration can do amazing things. If Biden wins, expect massive new regulations to limit businesses, massive new taxes to pay for his form of the Green New Deal, and higher unemployment and poverty levels.
Thomas Sowell: There are no solutions, just trade-offs.