There Is No Vaccine Against These Investing Mistakes

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What’s the value of the most important medicine since the invention of penicillin? For shareholders, it all depends.

If you had bought into the stock of Pfizer, which was the first of the big pharmaceutical companies to announce its Covid-19 vaccine’s effectiveness, the answer is not a lot. Pfizer shares were down this year even before being hit on Monday by the effectiveness of the rival vaccine from Moderna.

It…