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

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To: LLCF who wrote (7967)	5/22/2000 4:35:00 PM
From: scott_jiminez	of 9719

I'm in complete agreement about the lack of logic behind the run-up. It was a classic bubble. However, recall that the run began before the market switched to 95% fear-mode...and began valuing stocks based on rising rates and elevated inflation. Thus the base from which many of the biotechs began their rally may be lower now since, in most cases, their earnings picture has not changed. No. I would be very surprised if we've reached bottom for the vast majority of biotechs. One cannot make a list long enough to show all the stocks that are not 'there' yet...no matter how strongly I, you, or anyone else believe in a particular 'story'. I remain patient with my favorite biotech, Ariad.

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