By Teeka Tiwari, editor, Palm Beach Daily
It was 1992…
My guts were turning inside out. My clients were losing millions as the market carnage rained down on me.
I hadn’t taken big risks. In fact, I owned some of the safest, most reliable stocks in the world. And we’d been having a great run…
But then, the country elected Bill Clinton as president. And his run for the White House created a political firestorm over drug stocks.
You see, one of his major campaign promises was to introduce nationalized health care. That meant price caps for all the major drug companies.
Before he even took his first oath of office, the entire pharmaceutical sector started collapsing.
Blue chips like Johnson & Johnson, GlaxoSmithKline, Bristol-Myers Squibb, Pfizer, and Merck were in a freefall leading up to the election. My clients’ portfolios were stuffed with these names.
I spent my days fielding angry calls, begging people not to sell.
