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

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To: Boyce Burge who wrote (1151)	6/11/1997 10:45:00 PM
From: Vector1	of 9719

Boyce, I will check out the Barron's article. No doubt big caps are in favor today. I also know a number of fund managers who have done well following the trend. However, that is not my style and I have had a fair bit of success over the years as a contrarian. When I read that big stocks are in favor it immediately drives me to take a hard look at smaller caps. In the early seventies there was a group of large caps called the nifty fifty and boy were they ever in favor. For years investors who purchaced those stocks did well. The general view was you couldn't pay too much for a great company. Well you didn't want to be left holding the bag when the music stopped and a number of these fine companies lost 70% of their value. Markets are eventually efficient. It just takes them a while to get there. Big caps are hot today and the index funds are helping to drive some of the values. Biotechs have for the most part been out of favor notwithstanding the huge advances in science over the past 5 years. The failure of the market to recognize this may go on for a while but patience has paid off for me in the past. V1

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