This is complicated one but I decided to buy additional 30 shares of Pfizer Inc. for 25,78 USD per share. Pfizer has been dropping for awfully long period of time. In a way for a good reasons but personally I see current valuation as a somewhat significant overreaction. There are real challenges with portfolio and potential for legal issues especially from the COVID-19 vaccines. Portfolio problems are hopefully short-term issues and vaccine related contracts should guard the company reasonably well. Latter is naturally just speculation as reality will set in only after someone tests those in court. My thesis is quite simple: Pfizer is still one of the big dogs and I prefer to buy pharmaceuticals when they are down due to patent cliff or for whatever reason that is typical for the sector. Each one of such positions is relatively small and I think of these as a basket of pharma stocks. For now Pfizer smells a bit of a yield trap as current yield is about 6,4% but let’s see how this plays out. Hopefully yield will drop towards historical average as valuation improves.