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Biotech / Medical : Biotech Valuation

CRSP 55.08

-2.9%

Dec 26 9:30 AM EST

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To: Biomaven who wrote (10526)	2/20/2004 10:16:46 AM
From: tom r. phillips	Read Replies (2) of 52153

Peter -- Larry McMillan's implied volatility data show how expensive SEPR options are now: implied volatility nearly 2X's historical volatility. (scroll down to SEPR): optionstrategist.com "actual stock prices distributions have fatter tails". yes, which is why option buyers do better than option sellers over the long term. didn't we once discuss Nassim Taleb's _Fooled by Randomness_ book here? fun reading re. risk in life and in trading. (he buys out of the money puts and calls, month after month, waiting for the random event in the fat tail.) with that said, i bought back some covered calls on SEPR this week for a decent profit. (Feb 27.5s) live and learn. Taleb would call me the kind of fool who makes him a living. (over the long run.) :-) Tom

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