Why You Can't Afford Not to Buy Merck's Stock
Seth Klarman, the billionaire CEO and portfolio manager of The Baupost Group, is arguably one of the greatest value investors of all time. It shouldn't be a surprise that he's provided value investors with plenty of nuggets of wisdom over the decades.
One of Klarman's most concise and meaningful quotes about value investing came when he said: "Stock market efficiency is an elegant hypothesis that bears quite limited resemblance to the real world."
In other words, value investing is built around the entire belief that the market isn't always right in valuing stocks. As proof of this belief, let's look at a few reasons why I believe pharma stock Merck (NYSE: MRK) is one that value investors can't afford to pass up.
Source Fool.com
