image: Charles Pfizer (1824 - 1906), entrepreneur, chemist, co-founder of Pfizer.
We have been long-term owners of the shares of Pfizer, Inc., the major drug company, in our TFCM Income Strategy. Its more than 3.5% dividend yield, which has grown over 8% per year in the last five years, and its slow but steady growing business has made it a fine investment for that strategy and for our clients who own it.
Given that we make a point to own companies run by people who are very capable and smart, we are particularly proud of the opinion piece written by Ian Read, Chairman & CEO of Pfizer, that was published in the Wall Street Journal.
In it, Ian highlights the folly of the recent ruling by the U.S. Treasury Department, run by Jack Lew (and ultimately Barack Obama), which undermines the very core of the rule of law and further puts American companies and the American economy at risk of further weakness.
At some point we believe Americans will have to take a stand against this type of behavior. Unfortunately, what most may come to realize is that more and more American companies will simply choose to leave altogether, likely led by the smaller businesses who will choose to start somewhere else (maybe Ireland?) rather than put up with the type of anti-business rhetoric and actions that seem to have become commonplace in America these days.
Enough said, since Ian does a better job of describing the predicament than we can!