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Biotech / Medical : Biotech Valuation

CRSP 61.97

-3.2%

Nov 3 9:30 AM EST

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To: Biomaven who wrote (26246)	3/19/2008 7:31:42 AM
From: kenhott	Read Replies (1) of 52153

OT?-It has gotten to be the popular view that mark to market is the devil. Something about if there is fear, then mark to market is not fair because the price of everything goes to zero except for the safest stuff. I find that kind of thinking a problem because anything else would let these so call assets sit at inflated values on the books of financial companies. If we want a real for goodness near end of the world type crisis, then we let bad assets sit on balance sheets at inflated values. Let them sit over time. The false hope is that time and distance is our friend. It is not. I can try to fool others but I can't ultimately fool myself into believing. The market knows and that knowing will keep the markets locked up or worse. For me, this is THE crisis of my lifetime. Everything comes down to taking the tough medicine. Having any out to not take the tough medicine could be deadly. And we have proven again and again that we don't have the collective will to deal with crises until they are sitting on our collective chests. We don't need to be given more reasons to delay. Since we all know about cancers, this is not unlike a cancer patient saying I don't like to take cancer therapies because of a whole list of reasons. Changing rules here is not unlike changing the definition of cancer staging, for instance. Time and distance is not his friend either. My thought is simple. We need to take our medicine and we need to take them now. No matter how hard, how bitter, how unfair it is. Do it before the disease spread out. Anything that gets in the way of taking the medicine is bad. I personally don't care for our wish to ban recessions. That is just foolishness. But to me this is not about having a recession but about getting the financial system back into working order. I must give a final jab to the streeters chanting how my assets are really believe me good but I am forced to say that they are bad. How come only your assets are good but your neighbors assets are bad? If you have a good class of assets, any dumb trader can find someone to buy mine and I will buy yours. That is a market. When there is no market, and you can't even try to create a market between us boys at the price you want, it tells even someone like me that the assets are NOT that believe you me good.

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