Steve, thanks for the nice word ...
I'm still as positive on the biotechs as I ever have, and still think AGPH is a real class act. But I've become increasingly concerned about global capital markets, and remain the same.
I went to a heavily defensive stance at the beginning of August, mostly cash, and have also added some short funds on the overall market (BEARX, RYURX), also a bit in gold mining. Since the 8th of October, of course, I've felt a little like that forlorn fellow standing at the edge of the pier with the 35-foot tsunami breaking over him ... have you seen that grainy photo ... it's probably in any book on tidal waves.
Btw, this ahistorical speculative blow-off against a backdrop of worrisome fundamentals makes me more and more concerned that there may be a grim reckoning. No sure bet, for sure, but we've never seen anything like this before, and are unlikely to see its like again for generations to come, whatever its denouement.
Peter
also, btw, thanks for your efforts on the Telebras thread. Great window for folks who want to stay current on Brazil ... |
