2012 Biotech Charity Contest Message Board

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Biotech / Medical : 2012 Biotech Charity Contest

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To: pgo-neil who wrote (131)	1/11/2012 12:01:19 PM
From: BulbaMan	2 Recommendations Read Replies (1) of 513

Thanks much for your thoughtful comments Graham. Based on my experience trading stocks like Medivir, in the real world it’s rare there are significant “price inefficiencies.” Unless the Pink Sheet market maker is asleep at the wheel, she/he will look at the last primary market bid/ask, do the currency conversion, and set the Pink Sheet bid/ask accordingly. The only time I caught a break in such a stock was some years ago when there was significant negative company news and the primary market was closed for a holiday. The Pink Sheet market maker didn’t check the news before setting a quote and based it on the primary market’s last trade. This was substantially higher than the price when primary market reopened, which reflected the bad news. In the case of the Contest, it wouldn’t be “price inefficiencies” between the primary market and Pink Sheets that could cause a distortion, but the simple fact that no trades had taken place on the Pink Sheets for a substantial amount of time. So, in the real world, a 12/30/11 Pink Sheet quote on Medivir would be based on the stock’s 12/30/11 Stockholm trading not the 12/19/11 Pink Sheet trading. Peace & good health, Bulba

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