Thursday October 23, 2014
The deaths of my mother and aunt
Video Postcard #85 – happy Birthday Nadine, welcome to Britain & immigration issue
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PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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Guest Post: Robert Sutherland Smith on GlaxoSmithKline

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- Tom Winnifrith

Robert Sutherland Smith started his City career the year before I was born. He is, I think, 157 years old. He and I have worked together for almost eight years. at t1ps. He is my friend and he is a very funny and intelligent chap. He is now branching out to celebrate his 158th by doing some freelance writing over at TradingResearchPoint on FTSE 350 Income stocks. He is a great one for focussing on yield. He is also going to do a monthly column for me on this blog on the subject that really interests him, life on Hampstead Heath. I am sure we all look forward to “Pond Life.” RSS today looks at GlaxoSmithKline and starts with a touch of comedy. He is a funny chap RSS.

Medical matters are on my mind as I have the Norovirus. But it takes more than that to stop me writing about companies but naturally my mind turns to drugs. Well I was a young man in the sixties – the 1960s not the 1860s before you ask. Talking of ancient history, the market long ago abandoned the assumption that GlaxoSmithKline (GSK) would automatically build a pathway for shareholders to a starlight future of endless profits and earnings growth, by simply spending 15% of its sales revenue on R&D, and turning that into an approved blockbuster therapy every few years. In truth, costs rose and progress became more difficult – the return on R&D capital was not acceptable.

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