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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 233.22+1.8%Nov 28 9:30 AM EST
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To: H James Morris who wrote (105351)6/24/2000 8:56:00 PM
From: Tom D  Read Replies (1) of 164684
 
<<It doesn't appear you participated in the Bio-tech rush>>

Unlike many physicians, I have done part-time biotech consulting for over ten years. Physicians can fall prey to the belief that because they have a better understanding of the science behind the products than the general population, they have a competitive edge. They don't understand that most investors in biotech are professionals. Doctors are trying to outsmart professional investors who have superior business acumen, equal or better scientific training, and more timely and extensive information. I made some money investing in biotech and then lost a lot. I am negative (not even open-minded) on the sector for multiple reasons.

1. Twice I have been burned by outright lies of management of small biotech companies in breakout sessions at investor conferences.

2. In addition, the business models of many of these companies are putrid. Many of these companies are forced to charge exorbitant prices for their products to recover development costs since they serve niche markets.

3. Most compelling is my experience with the increasing market penetration of managed care, coupled with their bleak financial future (Half of them may go bankrupt in the next 5-10 years or so experteam.com. It makes me think they will resist coverage or reimbursement for many of these overpriced biotech products.

4. It is also amazing to see the enormity of the market caps of some of these biotech companies that are 5 to 10 years away from having products with significant sales.

Tom D
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