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Strategies & Market Trends : The Art of Investing -- Ignore unavailable to you. Want to Upgrade?

To: Arran Yuan who wrote (10745)	1/19/2026 10:59:35 AM
From: Sun Tzu	1 Recommendation Recommended By Arran Yuan Read Replies (1) \| Respond to of 10768

I am squeezing 3 unrelated posts here because I am literally working 18+ hours a day and am squeezed for time. 1. Re Biotechs: Search this board for Kelly and you will see why the expected long term return of any stock is a 100% loss and the expected long term return of any portfolio is also zero. Contrast that with how SPX has been doing and you will find the key to successful long term investing. Hatchlings of all species, companies included, have a high mortality rate. But they also have high potential, and in case of biotechs, their odds of survival has improved a lot more recently without the general public taking notice. The trick is to diversify and reallocate funds from losing positions to the winning ones. This is what the SPX does every day and what the S & P committee does every year. Additionally, never compete with people who outgun you. Instead, change the game to what you can win. This is the essence of Buffett did. This is relevant to biotechs because the fund managers are not any better positioned than individuals can be. 2. Shanghai Exchange looks like a buy the dip to me. See below. 3. Nobody can make America again by destroying its universities and being anti-science just because your politics are on the wrong side of reality. Science doesn't care about anyone's opinion. This is the key distinction between science and faith. --- ---