Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Zeev Hed who wrote (17406)	1/1/2002 12:30:02 PM
From: sylvester80	Read Replies (1) of 99280

BMY did not lay out a $ billion in buying 20% and committed another $ billion in milestone payments for the heck of it. Sounds like how CSCO, Nortel and JDSU felt buying companies during the bubble years even as late as Q1 2001 when JDSU consumed SDLI. JDSU ended up with a $50+ billion writeoff on their stupidity. CSCO and Nortel the same. Others as well. So just because someone is stupid enough to pay X for Y, it does mean that X is worth it. It only means that he was stupid enough to pay that much. Of course you don't know that till months later when X is worth X/10. Imclone and other biotechs are beginning to fit perfectly on that scenario. Imclone $75 just 45 days ago, now $45.

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