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Biotech / Medical : T/FIF Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: smh who wrote (667)	3/7/1999 5:01:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 1073

SMH: Great observation....... week after week, Fidelity Select Biotech continues to perform O.K. This is in marked contrast to a couple of years ago, when Fidelity even made the miserable performance of the Franklin funds look good. Thanks, for both posts. Good stuff. The changes at Fidelity have been pronounced. I've been blown away by the relative outperformance. Here's the one year version of your chart........ quicken.com Seems that one would need to work at performing as poorly as von Emster performs, that it isn't something that could occur naturally. In any event, as I've said repeatedly.... it's not the piss-poor Franklin/Templeton performance that bugs me, it's the "ragging" on the sector as an excuse for the performance. AGAIN.... we need sector champions as fund managers, individuals who can recognize good science and get excited about investing in it. We do NOT need fund managers that invest on the basis of the phase of the moon, the season, etc. or managers that can't differentiate good science from bad. If a fund manager can't perform, then he/she damn well better keep a low profile and keep his/her lips from flapping. Rick

To: smh who wrote (667)	3/7/1999 6:37:00 PM
From: Mike McFarland	Read Replies (1) \| Respond to of 1073

But FBIOX still suffers from rapid turnover of it's managers--about once a year they shuffle and bring a new fellow in for training...I beleive we have seen four fund managers in as many years now. Fidelity also can (perhaps unwittingly) artificially affect performance...I would not be surprised to find that the stocks which reside in FBIOX are increasingly large positions in many of the other Fidelity funds, Amgen is in a lot of funds now. I refuse to believe that fbiox leading performance has anything to do with good stock picking. It might be fair to say that the fund managers have had the sense up til now to stay in the first tier momentum stocks--but not a lot of real research neccessary to know which those stocks are. Just as Dell and MSFT and AOL are topping out...so will Amgen and Biogen--and certainly big pharma. After all, consumers can only suck down so many of the old drugs-- and big pharma is going to be relying on blockbuster replacements for old ones--we have seen that with all the compitition for arthritis meds...IMNX is starting to eat big pharma's lunch. The biotech companies should help bring down big pharma growth rates and they increasingly take a bigger piece of the pie--I should think you will see big pharma bidding for the next IMNX blockbuster, with the pharma cut getting smaller and smaller. Who else belongs in that club besides Amgen and Biogen--which will be the next biotech stocks to ascend to the level where they don't have to whore themselves out to big pharma? I'm sure you want to be in the niche players, which is second and third tier biotech. I just wish I had the sense a year ago to go with IMNX, SEPR, MNLM and the likes, and they start to dabble in third tier. I am always too early--at least my wife say so.