📈 MCK가 MSFT보다 높은 밸류에이션 받는 이유?

I love McKesson.

Those stairs always seem to climb upwards!

" a pharma distribution and logistics company"

One that distributes 33% of the pharma products used in the US. The other two names that have pretty much the remaining share (COR, CAH) have also done very well over the last 5 years. MCK is up 390% in the last 5 years, while MSFT is up 65%. Aside from the pharma distributors, Phillip Morris, Exxon, Walmart, Costco and Waste Management are among a lot of boring names that have outperformed MSFT over the last half decade.

"(Pfizer, Merck, Novartis, Novo)."

Pfizer is a horribly run company, Novo is in a disaster of its own making (fumbling the lead in one of the biggest new categories in eons, coming up with a lackluster follow-up drug that is more expensive to manufacture, taking down guidance four quarters in a row and then to top it off, telling shareholders "it'll get worse before it gets better" is something), Merck is okay and NVS fine. None of these are nearly as good of a business as MCK though and one of them is bad enough (PFE) that it's bizarre to me that people still give it as much thought as they continue to. For months, I argued with people about NVO but nobody wanted to hear it, everyone just wanted to hear that it was going to be a V-shaped recovery. The stock is now much lower and the CEO is literally telling people it will get worse before it gets better. NVO did bid up PFE on MTSR and left them holding the bag though (suddenly "realizing" that they probably wouldn't be allowed to buy it because antitrust well into the bidding process), I'll give it to them that was funny.

Microsoft is down like 16% in the past month. I was thinking it might be worth a flier.