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Schleifer, who is 63, to be thinking about moving from the CEO position, perhaps to be chairman; Dr. Vagelos, the current chairman, is 87. REGN’s scientific assets, and its location just north of New York City, will allow it to attract the cream of the crop when Dr. Schleifer wishes to have an easier life. I’m expecting strong management and great science from this company for many years to come. If so, given the long timelines involved in the industry, if the commitment to cutting-edge science begins to falter somewhere down the road, I would hope to have advance warning. For now, I see an investment in REGN as a reasonable bet on one of the most scientifically-excellent companies in a dynamic sector of the economy that could undergo secular rapid growth for decades to come. Thus, if matters go well, I own it with the goal of seeing its price compound over time at a rate that will look attractive when looking backward 10 or more years from now. Clearly, there are risks in investing in REGN.

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