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Biotech / Medical : T/FIF Portfolio

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To: Mike McFarland who wrote (986)	6/19/1999 11:25:00 PM
From: LLCF	of 1073

< I'm up 20% YTD, but that is meaningless in nanocap land, where both the market risk volatility as well as individual stock risk is incredible.> I know that this is conventional wisdom [esp. here in Chicagoland, home of the efficient market theory], but if homework is done and the story understood I have to disagree strongly. Both Peter Lynch and Warren Buffet have shunned this belief in favor of analysis of a company & industry fundamentals as well as management. Neither are diversification fans any longer, as they look for misunderstood stories and sectors, start buying and hope they go lower. Of course you have to know yourself as well... If one will be too upset if SEPR goes down another 10 points to hold on, then one owns too much. Perhaps a better example is realestate in the early 90's, while theoretically very volatile... buildings and REITS were selling at prices that implied soup lines and black plague... AND the government was financing for you. Now you can have some of the best minds in the world working for you on projects that represent fantastic "expected value" IMO... like a 200 to one payoff in roulette with only 36 numbers!!! Only problem is..... there are a lot more than 2 green 0's. :) DAK

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