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Biotech / Medical : Biotech Valuation

CRSP 54.74

-2.1%

3:59 PM EST

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To: Robohogs who wrote (31982)	8/7/2009 9:39:38 AM
From: Biomaven	1 Recommendation Read Replies (1) of 52153

>>Can anyone help get me more positive? Well in the short/intermediate term we have the offsetting effect that short-term interest rates are going to stay near-zero. There's that old saying in the market "Don't fight the Fed" that has a lot of validity. Longer-term I'm much more gloomy. The structural deficit looks daunting, and the demographics will make things worse. Still think that long long-dated TIPS, short long-term Treasuries might be the correct long-term play. (You might get temporarily hurt in a panic with a rush to liquidity, so can't go hog-wild leveraging this though). I've maintained my long biotechs, long preferreds and muni bonds and short the entire market position. I've obviously been hurt by my shorts, but I've still more than made up my losses from last year so I'm generally a happy camper. Peter

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