CVS: Stupid Cheap, Big Growth Potential In PBMs, Tough Competitive Environment (NYSE:CVS)

As an investor who is constantly self-critical and on an endless pursuit of performance optimization, I’m continually evaluating some of the biggest risks on some of the best-performing stocks and industries, and wondering… what is Wall Street pricing (or not pricing) in?

Lately, my latest obsession has been with maturing industries. It’s not hard to sniff out these industries and see the afflicted companies littered all around the S&P 500 – stocks that have performed terribly compared to the index despite a roaring recovery since the Great Correction of March 2020.

And yet, so many of these bigger stocks have underperformed not in a silo, but rather together with their peers. Intuitively, it must make sense – industries mature, and it creates a tough environment for even the best competitors of that industry to perform at the level that investors expect.

Some examples of subpar price appreciation, note the

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