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Biotech / Medical : VD's Model Portfolio & Discussion Thread

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To: Tsaen Wang who wrote (4558)	4/5/1998 1:38:00 PM
From: Biomaven	Read Replies (1) of 9719

<<biotech-indices>> You should also know that there are quoted options on the BTK index, that can be more or less used to hedge a biotech portfolio. However, I got a little burnt doing that last week, because the BTK index has so few components, each component can be very volatile and it is not dollar-weighted, meaning each component stock contributes equally to it. Basically, the index shot up around 3% on a generally down day for biotechs because of the unexpected CORR approval. So not only did my small CNTO holding drop because of Cor, but the calls I had written on the index also went against me. Luckily I was rescued overall on the day by MOGN. I dearly wish there were options on the IXBT index. Peter

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