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Biotech / Medical : VD's Model Portfolio & Discussion Thread

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To: Vector1 who wrote (7392)	12/30/1999 11:48:00 AM
From: Andreas Helke	Read Replies (1) of 9719

Once again I find myself on the other side of a model portfolio trade with buying Incyte while the model is selling it. Fortunately so far I am only buying back the shares that I sold at $70 2 days ago. Only if the price drops to $55 or $52 my limit orders will pick up new shares. I just did not feel comfortable with my reduced Incyte position. When comparing the valuation of INCY to that of AFFX HGSI or MLNM it looks like a downright bargain. And if you compare them with internet stocks all of the genomics companies still look absurdly cheap. But I do think this is more of a case of absurdly expensive internet stocks that modify my thinking about valuating other stocks. My largest holding is Cisco which looks very cheap compared to internet stocks but pretty expensive if you just look at PS or PE ratios. It looks like the biotech industry is finally back into favor even it it is so far confined to the industry leaders and the genomics companies. BTW I almost posted a message like many of yours with just three long lines. It seems that SI sometimes defaults to using fixed font which does not do automatic line wrapping. Andreas

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