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Biotech / Medical : Biotech Valuation
CRSP 49.30-2.8%Nov 20 3:59 PM EST
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To: Arthur Radley who wrote (5487)1/19/2002 1:29:59 PM
From: scott_jiminez  Read Replies (1) of 52153
 
<< AND IT IS SEVERE>>

The unmistakable lesson of this post-tech/BT-bubble era is that this sort of white-collar profound deception is far from uncommon.

And the entire biotech arena, an industry based almost entirely on the prospect for future earnings, is a veritable landfill of image projection and promises of future Shangri-Las.

In the current environment, with the SEC and other agencies likely to significantly reduce the chasm between image and reality, the idea that the entire sector could witness a substantial reduction in valuation is evolving from a possibility to a probability.

In fact, the probability that we are about to witness a surprising number of apparently healthy BTs crumble (to reveal the rotten house of cards that they are) has just increased significantly as well.

To be associated with an industry where image and promises - as opposed to tangible products with proven histories - are the principle products of the majority of companies, is a lousy space to be in at this point in time...and for the foreseeable future.

I'm concerned that the BTs will be one group faring the worst under the degree of scrutiny to be implemented following Enron and in the direct wake of IMCL.

Just my opinion.
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