On Wednesday morning, I was going through the results of Novo Nordisk, a Danish pharmaceutical company that specialises in treatments for diabetes and obesity. In the third quarter, to the end of September, sales and net profit far exceeded expectations. Management also raised guidance for the fourth quarter. The share rose 4.5%, lifting its gain for the year to more than 13%.

We had bought Novo Nordisk, many years ago, on the suggestion of a foreign portfolio manager, who rated it as one of his best buys...

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