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Biotech / Medical : Centocor ( CNTO )
CNTO 0.000010000.0%Mar 7 3:00 PM EST
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To: PawPr who wrote (482)12/24/1997 4:21:00 PM
From: Pancho Villa  Read Replies (1) of 965
 
Bruce, FNS and others:sorry for the late reply. Life in Brasil is casual beach time and "bird watching" take precedence. On NEO. I am sorry I did not have a chance to take your advice. I was in transit Boston-Miami-Venezuela a few days and finally Brasil as the whole story was unfolding so I could not get rid of the stock. You were right on the money and as I told you I hope you use your competitive advantage in Medical knowledge to profit in the market. I guess the learning with CNTO is that as with most growth stocks momentum carries them to lofty levels. So I recall my friend Staff who said something like:

When it feels like you are gonna be left behind the stock is shooting up like a rocket and the PE approaches infinity short it! (examples CNTO when it was above 50. Remember the Barron's piece a while ago? QCOM when it went over 70. NVLS when it went over 120 pre-split)

So people do not hesitate to buy at points of maximum risk! However, they never consider buying at the point of max hate which may do wonders assuming the fundamentals are good. I still have and will hold a significant position in CNTO which is my third largest long holding and will consider adding to it under 30. If the market was not so crazy and overvalued I would consider adding to my position at this levels.

Pancho
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