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Biotech / Medical : Biotech Valuation

CRSP 56.87

-2.3%

Dec 5 9:30 AM EST

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To: Biomaven who wrote (14487)	12/3/2004 8:19:11 PM
From: Robohogs	Read Replies (1) of 52153

Peter, I am in similar position to you - my advice is to step back and breathe. This is a much better year than 2001/2002. Thank goodness. Yeah, I also rode my four largest positions to nice gains (or recoveries from lows) - AMD (now largest with doubling in last 2 months), SEPR (been trimming), ELN (became fervent bull only recently but still only ever sold a few shares) and QQQ (opposite of your hedge. I did get hurt with a large amount of cash and in some large pharma long hedges and some financials as well as internet substitute IACI - proves you should pay price and go with the best (or as in real estate, location, location, location). A small position in ICOS also hurt (30% down) and I did not buy more like I wanted in $21-22 area. Scrip trends on this are solid and estimates of profitability are way off. I am also considering NBIX as a hedge to SEPR and a proxy on PFE's massive muscle. This latest news on P&G makes me want to wait on this one, though. This also points to fact that diversification only hurts performance if you are right on a few big calls. Peter - may you have an equally GOOD year (or better) next year! Your pal in frustration, Jon

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