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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: aknahow who wrote (136)	4/21/1998 7:20:00 PM
From: Peter Singleton	Respond to of 4974

George, Here's my opinion. Lampert is probably the smartest guy investing in biotech right now. He has very clear opinions on the stocks he follows, and he's not an enthusiast swayed by management (McCamant is an example there). He's been quoted in Barron's extensively more than once ... those should give you an idea of his penetrating insight. He's also willing to go long or short on companies. He concentrates his attention on micro-cap biotechs, and takes very large positions in those companies. My impression is that's where Rick spends his time as well. There's where the 10x returns are. There are also handsome returns possible among the companies that have already turned in 5 - 10x returns, if they grow into significant companies (SEPR, AGPH, GILD, etc) ... but that's almost a different ballgame from picking the $50-200M market cap company that has the potential of becoming a $500-1000M market cap. I think what differentiates Lampert from the others in this very difficult area to invest is his combination of guts, intellectual firepower, and hard work. Like Rick, I don't know the guy ... this is just my impression. There are others who follow this thread who are more qualified to offer an opinion. Peter

To: aknahow who wrote (136)	4/21/1998 8:43:00 PM
From: scaram(o)uche	Read Replies (2) \| Respond to of 4974

George: We're not going to know the guy's secrets. However, we can pick good companies with good science, and he does that well. Of course, nobody wants good science right now, they want product sales and hype. Therefore, he's been eating it (at least with respect to many of his 5% holdings in bio). I've been trading up a storm, doing GREAT. My realized gains and losses for the past two quarters have been sensational. However, my unrealized gains and losses, my "holds" have been in Lampert-like companies, and they ..... uh.... hmmmmm....... stink. So, George..... temper your frustration. If you keep asking the sort of questions that you're asking and going after the answers with such enthusiasm, you'll know biotech. Further, if you keep doing research at the rate that you're doing it, a WHOLE BUNCH of biotech nuts are going to want your company. That's my way of saying thanks. Cooley was (is?) the home of Bert Rowland. Talk about beers! Peter.... let's give others time to count themselves in on a beer. Wednesday in Palo Alto sounds fine, but let's schedule it for next Wednesday, the 29th..... I can go to the beach or MCDE or sumthin first. If I drive past GNE or PDLI or ????, maybe some of that good science will rub off on me. So.... if Peter agrees..... any takers for 4/29, evening, brewery in the vicinity of Palo Alto? I can probably get some friends from Abgenics and Baxter to join in. Lurkers welcome!! I'll be the guy with a sign around my neck that says "collecting for an Aries company, innovative financing available". Rick