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To: John Metcalf who wrote (325)	12/18/1999 10:41:00 AM
From: scaram(o)uche	Respond to of 673

>> Buy everything biotech! Buy it now! Market orders only! << No, not really IMO. Lots of stocks have run way ahead of themselves, but there are still many third-tiers that are undervalued on any traditional basis and WAY undervalued on a basis relative to the top- and second-tiers. In fact, big-science third-tiers that lack momo players or sponsorship are as discounted as they've ever been relative to second tier. I don't know if the enthusiasm will spill over, but lots of the stocks that were bargains before the rally are still screaming buys. And, finally, even a stock that is up 5X off of the recent low and is in parabolic mode is still undervalued by, IMO, any measure....... Message 12316729

To: John Metcalf who wrote (325)	12/18/1999 12:44:00 PM
From: scaram(o)uche	Read Replies (2) \| Respond to of 673

Sorry, John. I've already gotten three private messages saying "huh? what does your post mean?" One hour after market open yesterday, NBIX stood at slightly under $20/share........... iqc.com That's when I made this post......... Message 12316729 My point in this post......... Message 12326804 was that, despite the fact that some stocks which have rallied in a powerful fashion from recent lows are still undervalued by any measure. That is, I was confident that the direction was up, to a degree that I wanted to let others know. Hope that's a little clearer. Going further, I don't even believe that the NBIX rally results from momentum play. I think it's simply an issue that fund managers and individual investors have finally realized what Miljenko knew all along.... big bargain. Tying all of the loose ends together.... biotech, with the exception of '95 and a few other rallies, has been beaten on since 1993. There are many other NBIX-like stocks out there that have not been discovered. The question is..... the bubble that you noted.... when it pops, will it do so before the under-respected issues get a chance to catch up? A second question..... if so, will the under-respected take an irrational blow along with the "bubbled"?