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

To: aknahow who wrote (234)	7/27/1998 4:42:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 4974

George: >> Rick, until the cost of development goes down, coverage, price, total capitalization and other B.S. factors will rule. << Good projects, backed by sound data and addressing unmet medical needs, will always find "windows" where financing is available. Yes, funding is dependent on political and market environments, and research premiums adjust accordingly. An exacting scientist that knows the sector will be successful. My non-trading portfolio has gotten clobbered since the end of October, but it will make me wildly successful in the next three years. Someone recently indicated (in this thread) that the sector would turn around when the last bull threw in the towel. Well, you guys are in big frigging trouble, because I KNOW DAMN WELL that I agree with you that developmental time and expense is what allows the "dogma of the ignorant" to become the successful rule. The cycle will repeat, and we'll see the opposite end of the valuation spectrum. What really bugs me? Those who are establishing and spreading the dogma are also selling/shorting into low demand, knowing that they can ride along when we turn up. Because the sector is characterized by companies that do not have earnings as a basis of valuation, it's easy to take a shot at the sector as a whole during periods of little interest. The end result? The good companies go down with the crap/hype companies, and the crap/hype companies go up with the good science companies when the cycle reverses. As a result, the dogmatic idiots keep control and the sleeze management teams are never squeezed out. We need new rules. Rick