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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (923)	4/5/2000 11:23:00 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 52153

The Vanguard Fund kind of bills itself as conservative (10% cash) in their outlook on the health sector. Again looking for diversity across many sectors other than those listed here. Left off BIG Pharma -- JJ, MRK, AHP, etc. which make up lots of the 37% number. Here is some interesting text from the managers, Edward Owens, letter: "The extraordinary move in biotech stocks late in our fical year left the valuations for this group stretched. Consequently, we are shifting a portion of our investment there to less-exploited sectors such as European stocks." Jim