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

To: scaram(o)uche who wrote (608)	4/19/1999 2:30:00 PM
From: RWReeves	Respond to of 4974

Richard, I think this is a case of violent agreement. It seems where we differ is in how we use such information-for short term or long term valuation. I don't pretend to understand short term volatility drivers adequately to day trade (other than a few of the "pumps") as you obviously do. But I thought the point of this thread was "value" which is where I feel more comfortable- using the same kind of information to project risk adjusted future earnings streams and discount them back to today's valuations- again based on "early" data, whether that be candidate, Phase I/II/III or even IV data. By the way, congratulations on the returns. It's making good use of an interesting "side effect" of the market's confusion about biotech value.