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

To: Miljenko Zuanic who wrote (2774)	2/1/2001 10:29:47 PM
From: Mark Bong	Read Replies (1) \| Respond to of 52153

Miljenko, It is well known that the large Wall Street firms make their profits from trading, not from long term investing. Therefore, it is not always in their interests of some analysts to be honest, unless it suits their interests in maximizing their trading profits. We can beat them with long term investments, because we work to understand the industry, and we often invest in good companies with good potential. Being right 30% of the time is very rewarding. Wall Street, as well as foreign markets, have never functioned like that for the market makers. I feel that you are right. They are looking for a buying opportunity, and they have to buy in large quantities to make real money. There is also some truth that some of these companies may be overvalued, but some are very good investments if you have a long-term time horizon. Truth will only consistently emerge from some news sources and from folks like us, and of course, we are also wrong sometimes. Otherwise, the analyst comments will always have to be looked at skeptically. They may not always be wrong with their comments, but there are too many conflicts of interest that are forced upon analysts to listen and to believe them at face value. JMHO Best Wishes! Mark

To: Miljenko Zuanic who wrote (2774)	2/2/2001 6:30:04 AM
From: Micawber	Read Replies (1) \| Respond to of 52153

They never admit they are wrong. Truth is something that must be molded and packaged for consumption. They use language very carefully in order to mold and package the truth. They have no shame. They know that the attention span and collective memory of the public is very short. They take credit for something even though they had nothing to do with it, but deny any involvement even if their fingerprints are all over it. If everybody else does it, is it really wrong? Sounds like Bill Clinton can hang a buy-side analyst shingle on that $650,000/yr office on Central Park.