Agouron Pharmaceuticals (AGPH) Message Board

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Biotech / Medical : Agouron Pharmaceuticals (AGPH)

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To: Ron Kline who wrote (4788)	7/7/1998 10:32:00 AM
From: Peter Singleton	Read Replies (1) of 6136

Ron, could you walk through the technical assessment for those of us who don't know much in the way of technical analysis? Thanks. Peter btw, I think technical analysis is a good counterpoint to fundamental analysis ... though I don't understand technical analysis much. And I think it gives good insight into possible buy and sell points. And you're right on fundamental analysis. The problem with fundamental analysis, assuming you've done your homework - requirements for which are prodigious in a biotech stock - is bias, or as you put it, falling in love with a stock. When the story changes, the temptation is to adjust your model of reality to conform to your view of the stock, vs changing your view of the stock. That said, if you can factor out the bias inherent in a long (or a short) position, and feel you've bought a good company at a good price, and if you have staying power and are comfortable with the risks, then I see no problem with holding through a period where the stock declines. Anyway, I don't dispute your analysis. Sounds cogent to me. Peter

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