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

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To: Vector1 who wrote (9311)	7/3/2002 2:28:52 PM
From: scott_jiminez	Read Replies (3) of 9719

<<Greed caused the attempts to circumvent the law>> That is secondary to the greed that caused the outrageous biotech bubble. This greed led to a striking inflation of hubris, maven folks believing their 'expertise' was at the root of their 'stellar' stock picking performance prior to the Spring of 2000. Hindsight shows we went through a rising tide/all ships phenomena, especially for biotech, in the final third of the 1990s. Foresight now instructs us margin investing is a reliable red flag of self-inflicted over-confidence. For how many years did we read that Sepracor was, in effect, as close to a 'sure thing' as biotech will see? Corixa, Biotransplant, Ariad, the list is very, very long. I am not criticizing the stock selections of the VD portfolio per se; I am noting that the ~95% decline in the portfolio's value over the past 6 months is NOT a function of loosely defined greed and fear but rather a personification of the swelled egos that have permeated this sector for so long. Greed caused many of us to believe we had 'circumvented' the historical stock performance average and comeuppance is what is governing the market now.

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