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Biotech / Medical : VD's Model Portfolio & Discussion Thread
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To: Andrew H who wrote (1429)6/25/1997 6:21:00 PM
From: Vector1   of 9719
 
PB and Andrew,
Great discussion and I think helpful for everyone. Valuation is not an exact science particularly with biotechs. There is no perfect measure. Using a high PV to discount risk can distort valuations and that is why it is but one method of analyzing stock valuations. The amount of the discount is a judgement call reflecting interest rates, the amount of perceived risk and the investors required return. I apply a very high PV because I demand high returns. One of the reasons I demand high returns is because investing in biottechs involves a lot of risk. See LIPO, CEPH, AIMM
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