On February 9, Jack pitched Abbott Labs to be added to the SMIF Portfolio. Abbott is a diversified healthcare company, founded in 1888. Jack believed our current Healthcare holdings were too concentrated in biomed/pharma, and he hoped that Abbott would help to diversify this. Abbott currently has 4 main business segments – nutritionals, medical devices, diagnostics, and branded generics. Currently Abbott is in a restructuring phase, where the company is attempting to only operate in markets in which they are #1 or #2. Jack believes that this play will prove profitable in the long run. Jack also cited rising GDP and rising median age as reasons why he believes this company is positioned to succeed. Jack motioned to purchase 300 shares of Abbott laboratories; the motion passed unanimously.