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Biotech / Medical : Biotech Valuation

CRSP 50.19

+1.8%

Nov 21 3:59 PM EST

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To: Elmer who wrote (6560)	6/12/2002 3:41:19 PM
From: Biomaven	Read Replies (1) of 52153

David, It could be argued that part of the reason for the market bubble of 2000 was that the hedge funds bet against the dot.coms and biotechs too early and retired from the field in disarray. If they had been stronger, they might have prevented the worst excesses of the bubble. (Of course in 2000 I was admittedly cheering their demise in the case of the biotechs). I don't think their activities represent any real threat to long-term capital formation at all. As for their short-term trading activity not contributing to capital formation, the same can be said of the day-traders and many other short-term traders. In any case, even if it was possible to regulate the hedge funds, it's just not going to happen. Peter

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