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Biotech / Medical : Biotech Momentum- Dr. Jekyll/Mr. Hyde
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To: biowa who wrote (26)2/16/2000 4:48:00 PM
From: RWReeves  Read Replies (1) of 55
 
Feb 16,2000 a day that will live in my portfolio history for a while.

Too many pops to list and poor old me with a bundle of cash from some mutuals I sold over the weekend had been shopping since Monday. Yahoo!!!!

Congrats to Mike M for the TGEN call. Congrats to me for the buying some. Congrats to everyone who seriously follows SI biotech and was in the right place today.

Now let's get serious. How long can this last? It is hard to find bargains and only a few great values that have missed the momo bus (GLIA for one). We are bound to hit chop as more an more people nervously sit on big gains.

But... We have not seen much in the way of M&A. I'd point to SIBI last year as the "start" of the current rally but few of the biotechs have been taken down since then. (Kinda cute the way CEGE got coughed back up by GENZ.) We all know pharma needs the pipeline, and with the current market biotech does NOT need to sell its jewels to big pharma anymore for just survival bucks like we saw in 97-98. Looks like anybody that can count to ten can do a secondary today. So, I will assume that the munchables will have downside protection even in a choppy market, and when the acquisitions do come (and they will) the feeding frenzy should get even more intense. I will try to keep my portfolio at least 1/3 in pipeline rich "munchables" and would be interested in somebody putting a model portfolio together if they feel the same way. (I don't even have time to tend my Small Wonders and CRO portfolios).
I know Peter has "Prey" but I don't think it's being updated and I don't know the selection criteria.

RWR
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