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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (5422)	8/4/1998 5:23:00 PM
From: Peter Singleton	Read Replies (1) \| Respond to of 9719

Tom, What an insightful post. If you look at the draining of money (and the decline of equity prices) by market cap, it's an awesome sight how the small caps have bled dry over the past 10 months or so ... not just the biotechs. They ain't safe havens by any reckoning in a wicked downturn from here. However, they're below fair value now, and when they bottom, which conceivably could be at significantly lower levels ... who knows ... they should have a multi-year run just like you pointed out for 1975 - 1983. The big caps gotta die for a long time for reality to return to the market .... as you pointed out for those same 9 years. One potential wrinkle though. What about Asia, and the possibility of deflation? Peter