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To: Jacob Snyder who wrote (192)	4/12/2002 7:25:16 PM
From: Cary Salsberg	Respond to of 13403

RE: "They have apparently decided the risk/reward has now tilted in favor of owning biotech. And they are in the best position to make that risk/reward judgement." FACT: BigPharm can't maintain their growth rates with their own research and in some cases can't even maintain revenue levels. FACT: Buying a biotech with a seemingly rich pipeline buys time. Time to continue to collect obscene salaries and exercise obscene stock options. QUESTION: In what industry that you really know about has management really seemed like they can anticipate successfully?

To: Jacob Snyder who wrote (192)	4/12/2002 8:23:08 PM
From: Scott Brooks	Read Replies (1) \| Respond to of 13403

ETF?

To: Jacob Snyder who wrote (192)	4/13/2002 1:20:04 AM
From: Jack Hartmann	Respond to of 13403

Also big pharmas seem to have more cash than any sector other than the banks and insurance companies. Cash per yahoo PFE 8.62B JNJ 7.97B BMY 5.65B LLY 3.72B MRK 3.29B WYE 3.03B SGP 2.72B PHA 1.42B Spending on prescription drugs rose 17.1 percent to $154.5 billion last year, its fourth consecutive increase. I wish techs were growing 17% last year. :P Jack - long PFE

To: Jacob Snyder who wrote (192)	4/17/2002 2:08:52 PM
From: Jacob Snyder	Respond to of 13403

BBH (biotech ETF) bot 2% of port., @ 110. This area looks like support to me. I began buying on 4-11 (same price and amount), and will continue adding slowly, if we keep bouncing in this area. If support here doesn't hold, I'll buy every 5 points on down, then sell my 110-cost lots, when I can get out even. BBH is down from a 2000 high of 244. Just like the silicon-based techs, these are volatile stocks, with an excellent LT growth expectation, but forward 12 month's earnings (if there are any) very uncertain.