Have You Factored This Hidden Risk in Your Investments?
At CRISIL, in the exercise of credit rating, one of the factors that we gave high importance to was labelled as ‘regulatory’ risk. I am sure, it is still a major factor, since regulations have only increased. A regulatory framework can, sometimes, be applied in a fashion that adversely, or positively, impacts the cash being generated by an industry/company. 
For example, in the pharmaceuticals...
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