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

To: Miljenko Zuanic who wrote (8953)	8/18/2003 4:23:21 PM
From: Biomaven	Read Replies (3) \| Respond to of 52153

Some books I've read over the past few months that might be of interest: 1. When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein A really fascinating book - a well written history of the biggest hedge fund debacle ever (they lost about $4 billion in a few months). 2. Bubbleology: The New Science of Stock Market Winners and Losers by Kevin A. Hassett An attempt to describe bubbles in the market. A short and easy read and some interesting observations - particularly how bubbles tend to arise on the leading edge of technology where valuation is hard. 3. A Mathematician Plays the Stock Market by John Allen Paulos An amusing book describing this otherwise sensible mathematician's prolonged descent into Worldcom madness. A nice example of how someone can be smart and apparently sensible and yet totally clueless as a novice investor. Not too many insights that most readers of this thread won't already have, but still fun. 4. Fooled by Randomness: The Hidden Role of Chance in the Markets and in Life by Nassim Nicholas Taleb A sort of one-note book, albeit an important note. Does investment success mean you have been smart, or just lucky? He argues mostly for lucky. Unfortunately very little detail on his own investments, although one can deduce that he buys strangles or spreads, content to lose a little each day in the hope of making a killing on the one day the market goes crazy. (In some sense he's the converse of the Long Term Capital story - they did great just so long as the market was "normal.") Peter