Just venting...
It no longer pays to focus on the science and the markets which it addresses. Since late 1997, it's been a much better guide to know your fellow investors, the depth of their pockets, and their greed.
After a Winter like that for '99/'00, you'd think that underwriters would make some effort to more effectively describe what a "research premium" is, and to defend those who purchased stock as a part of their offerings.
As Peter has pointed out, biotechs are the sell side customers. The underwriters were doing their job. I didn't expect "a GLGC" to be defended at an absurd $150, but you'd think that they'd show up SCREAMING at $15 when they were fleecing everyone, 02/2000.
That's not a company that I particularly favor, just an example. SQNM is another good one, but one can find many.
In any event, the sector is obviously going to be a perennial toy. Caps will get yanked way south of where they belong, and it's those who know the sector least well who should be "followed" during bear markets.
I was fortunate. I was overweighted in a stock that went up during the carnage. But..... ouch!, last week hurt. I was going on margin intraday, every day........ clearing it by closing, scalping here and there. I got my margin-loving behind handed to me on Friday.
The lockup stocks have gotten whacked, big-time. There are good bargains to be had there, but.... when?? |
