Efficacy is not why we take vitamins. Taking a vitamin is a “check it off your list” behavior we measure in terms of psychological, rather than physical, relief. We feel satisfied that we are doing something good for our bodies—even if we can’t tell how much good it is actually doing us. Unlike a painkiller, without which we cannot function, missing a few days of vitamin popping, say while on vacation, is no big deal. So perhaps managers and investors know best? Perhaps building painkillers, not vitamins, is always the right strategy. Not so fast.
