Sunday September 21, 2014


Video Postcard #81 – Reflections on the summer at the Greek Hovel
The skies darken over the Greek Hovel as lovely Eleni and the rest of Kambos prepares for winter
This time it really WAS a snake encountered at the Greek Hovel

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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