Hi Armin, actually, I'd like to think you and I don't differ by much. My biggest mutual fund holding is with the Frank Templeton Mutual Series, so I do believe that values will be unlocked sooner or later. Unfortunately, like you, I ve found it is more difficult to be an individual stock holder.
Having said that, I think the biotech sector has an added benefit, b/c both the parent and child can hit homeruns independent of each other.
I ve not looked at ALSC for a couple of years --- alluded to your comment, and from the news headlines, I guess they must hold a bunch of Charter Semi
Finally, actually, when I bought into CEGE in the beginning, I was thinking exactly what you ve said, I bought CEGE as a proxy <g> for ABGX. In a way, I still think it that way; however, I ve come to appreciate the uniqueness of CEGE, whereby her ABGX holding is only part of the attractiveness. Having a lot of cash with a slow burnt rate [in which the lack thereof is a kiss of death for biotech cos] is another. Ultimately, while CEGE portfolio of technologies is not as controversial as CRA etc, I suspect she only need a homerun in say AAV to make her holding in ABGX looks like child play. Of course, I wouldn't mind if the Street is also mindful to assign proper values to different pieces of CEGE <G>
best, Bosco |
