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Biotech / Medical : VD's Model Portfolio & Discussion Thread
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To: Scott H. Davis who wrote (8506)1/2/2001 1:10:47 AM
From: Vector1   of 9719
 
Scott,
interesting issue, but I am not sure what you can reasonably conclude from your proposed. In general I like to invest in companies that have more than 18 months cash on hand because of my concern about whether the biotech financing window will be open. I guess the question is whether the market properly reflects the risk of financing in valuations. The results of your study will be heavily affected by how easy it is for biotechs to tap the market for financing over the next few years. If the financing markets are open biotechs low in cash with good science and people should perform well. If the financing markets are tight, then these companies will suffer. My current focus on companies with cash is partly driven by my concern about liquitdy in the financing markets.

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