Very interesting to watch. Sadly, Luke is not as lucid a debater as you Graham.

Anyway, Luke discounted the pharmo profits of only 1%(1.5%!?). That many industries would abandon something that would make so little. My guess is (I did no research) that this measly profit is fairly safe. (Not that one year it is 4% and the next year a 2% loss, etc). That it is stable because all the factors are controlled: no threat of sueing, number of recipients is fairly predictable, its a govmt enforced monopoly, etc.

Additionally, if it is similar to pharmaceuticals, a HUGE amount of money is paid out to 'grease the palms' of all the doctors and pushers/sales reps. (And probably the executives all receive nice perks and bonus on top of large salaries.)

In volume, everyone and their DOG would drool over a guaranteed 1.5% profit after all those(up and down the whole ladder) involved had been comfortably 'compensated'.

And it is not at all a comparrison like: you and me investing $100 and getting back $101.50. This is more like walking into/upon an already running machine that just spits out xxx$ every year because all the factors(inputs and outputs) are fairly guaranteed.

A profit of $10/person from 50Million people is $500,000,000. (The people involved may be fewer in USA, but more than one vaccine is administered per person...so, averages the same)

I had another point...but forget. Back to continuing with the questions portion of the video.