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

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To: scott_jiminez who wrote (9431)	11/18/2002 10:44:13 PM
From: Doc Bones	Read Replies (1) of 9719

A "prudent selling strategy" recently could easily have resulted in selling CELG & AFFX in the mid-teens, and SEPR for under $5. While I have great respect for the market's judgement on stocks, at some point you have to rely on your own judgement and take a stand. Mr. Market sometimes seems to neglect to take his lithium, with stocks swinging wildly in both directions. There is no neon sign lit saying "undervalued," but when many good companies are selling for less than clear cash, I think you need to sell your 1 3/4% T-Bills, and seek out good stocks. A pre-determined selling strategy is more appropriate when there is a lot of air in valuations, based on uncertain future prospects. As we've experienced, a change in market sentiment, in optimism vs. pessimism, can be brutal. Doc

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