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Strategies & Market Trends : Value Investing
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To: voodooist who wrote (38483)7/10/2010 1:27:36 AM
From: Spekulatius  Read Replies (1) of 78746
 
re AVNM - it seems somewhat cheap but there is an endless streak of screwup associated with this companies - accounting issues, failed mergers, management turmoil, supply chain issues, manufacturing issues.

Too much issues for me, imo. It's not hard to find decently prices companies with reasonable track record, so i don't feel like picking through a pile of dung like AVNM to find value.

MYRX - it does trade below cash but the question is how good is MYRX pipeline because that is where the cash will be spent. I don't think the spinoff from MYGN is a good sign - it means that the former management does not believe in the pipeline any more otherwise they would have found a different way to monetize (straight sell, JV, licensing deal). FWIW I used to deal a lot with biotechs many years ago but it does seem like a looser game overall. The few gems of course can yield outsized returns but most will just dilute their shareholder without end to keep the business (or lack thereoff) going.

Overall spinoffs have not worked well for me. Even the bankruptcy cases that I sort of follow like SSCC seem pretty questionable from a value perspective - it seems that so many hedge funds are into distressed assets that the prices for those don't make it worthwhile any more.
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