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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (2495)11/16/1997 4:18:00 PM
From: jeffbas  Read Replies (1) of 78627
 
Paul - I gave up on direct biotech investments a long time ago. No way that could be within my circle of competence. However, there are other ways to skin that cat.

For example, you could buy a supplier of instruments to the industry (like Thermo Bioanalysis - which I own, but not a "value" stock), or a company doing unique things with existing drugs (like Sepracor), or unique screening technologies (like Affymetrix), without having to have the "impossible-to-have" knowledge about the merits of various drugs of various companies in various stages of the FDA approval process.

An interesting anecdote, a la Peter Lynch, about buying companies in your own backyard where you have personal experience. I used to work for an insurance company which provided health benefits to Amgen from its inception. I had access to information on how the employee count was growing by leaps and bounds but unfortunately never drew an investment conclusion.

So, you do not always need to know the drugs to invest in this industry.
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