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To: pater tenebrarum who wrote (50084)	12/20/2000 8:28:00 PM
From: Grandk	Read Replies (1) \| Respond to of 436258

Here's some logic for ya- The risk, of course, is that drug stock valuations may get well beyond what investors will pay, but that concern may be offset by a relative lack of opportunity in other sectors for a safe earnings stream, writes Morgan Stanley: "Changing hands at a 40% to 50% premium to the broad market, U.S. drug stocks are trading at valuations well ahead of their historic ranges of 25% to 35%. However, if we move into an environment with steeply falling earnings in the broader market, combined with pockets of modest upside surprise in the drug sector, then we believe the group remains attractively priced." thestreet.com