Companies with bonds have soft underbellies.
Well, it was interesting, summer of '98, listening to a concept that was new to me..... that biotechs, without profits, also have soft underbellies.
I sat in front of an analyst and a fund manager, and heard that (1) one has to short in biotech, and (2) companies without sponsorship could be shorted to zero.
In summer '98, it hadn't caught on yet. It was possible to fight back with rationale and shallow pockets. Not now. There's just too much money aligned against the sector.
The (long) game here will be to ride compelling news, company-by-company. As everyone here knows, the long game is the only one that I'm interested in.
Thanks, Wilder. Short the bonds, bash and buy the common. Yet another way to win on the way down and posture for success when the strategy has run its course. Genius. Rotten.
:-) |
