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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: sam who wrote (1441)	2/21/2000 9:07:00 PM
From: Miljenko Zuanic	Read Replies (4) \| Respond to of 4974

I have one (maybe two or three) simple questions to all biofreaks: 1. Where is confidence, and why strong conservative sentiment for recent rally? 2. Why many compare bios rally with high technology (micro-electronic and internet) past performance? 3. Are momentum player for sure significant contributory factor here? I will tried to give some light on question #2. While, internet, telecommunication, and related stocks do show similar pattern in stock price rise (explosive growth), this two technology are fundamentally different. First; bio-pharmaceutical like many new drugs needs time to evolve from initial scientific discovery to applicable technology and new drugs. And when does evolve, bio-technology is protected from competition by patents as well as inside know-how. Generally this wasn't case for consumer high-technology. Few top people can just walk from one company to another and build value. Second; profit margin fro bio-drug is in +80% range, while for consumer field is ???, but <40%. Third; aging population, "modern" life-stile, world-wide growth of the developing nation,..will generate at least equal if not higher rate growth of needs for new bio-drugs than for new consumers high technology products. Keep in mind that today high-technology nations did pay price in health of its population. Point is that, regardless of the disproportion in stock price rise for sub-sectors stocks, sector as a whole has a long way to go, just IMO. Miljenko.optimist