SKaye,
Thanks for your post. You present an interesting thesis. Re:<<However, I now detect a clarity that was not previously apparent. IMO, the Ligand Management focus is on long-term shareholder interests.>> Just my $0.02, but as a shareholder who is simply a member of the general investing public, I would also hope that this clarity and focus will be reflected in simpler and more straightforward business relationships in the future. While many here are willing to undertake an in-depth study of Ligand's various alliances and partnerships, my guess is that relatively few in the general investment community are willing or able to undertake that task. IMO, for the emerging business model to become convincing to a wider audience of investors, it must become clearer and more focused, as you suggest, and also simpler to apprehend. For instance, while you were able to navigate your way through the ALRT-ALRIZ-AGN-etc. combination to your satisfaction, thinking about any part of those transactions simply makes my head hurt. Admittedly, several of my interlocutors have pointed out that I am a moron, but that is also how many brokerage house research analysts are perceived. Fwiw, I think that until a tangible earnings stream is produced that would make the matter moot, Ligand will have a large problem with investors such as myself until they learn to do things a whole lot more simply. With a management culture that seems to take great pride in the "creativeness" of their approach, I expect that this will be a problem until there is a major change in management style to accompany the clearer, more focused business strategy you see developing. JMO.
John |
