<Here's a link that we all can agree is a truly worthwhile cause that I hope this makes up for Peter's atrocious behavior>
As one grateful for Peter's behavior, which I would characterize as insightful, sharing, and civilized, I'd just like to focus on some facts, without imagining political agendas for them.
Commodities are not going off the chart, if expressed in Euros. Oil is increasingly limited in supply and enjoys rising demand. The dollar is in decline because of massive U.S. debt. For those of us who buy oil with dollars, the curve is steep and getting steeper. Eventually, the cost of money (interest rates, or other return expectations) will increase. The macro situation portends consolidation in the biotech industry, because investable dollars will go to pay rising bills.
Currently, the speculative companies are attracting dollars. I think this will halt, and dollars will be consolidated in the well-funded companies with less speculative futures. At some future point, foreign buyers will again regard the U.S. market as cheap. For the investor who owns Euros. a U.S. stock with flat performance is already one-third off vs. two years ago. |
