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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: Rich Wolf who wrote (2884)	5/20/1999 8:09:00 PM
From: BDR	Read Replies (1) \| Respond to of 10280

Am I misreading the pie chart? It looks like 10 to 1 Institutional to retail trading today.

To: Rich Wolf who wrote (2884)	5/20/1999 8:16:00 PM
From: BMcV	Read Replies (1) \| Respond to of 10280

Hi Jim_pd, If all the black crepe hanging from the walls of the Yahoo SEPR club is a contrary indictor, not to mention my (off the top of my head) guesstimates of future earnings from Nori, negative psychology should be strong enough to put in a bottom in the stock (finally!). Let's hope for the best, (or should I say the worst?)!! Years ago, I read a book sent by some broker with some original title like "Making Money With Stocks". The author broke stocks into four catagories, one of which was the growth company. His keys to making money with a growth company were to average up, and to buy heavily when the "inevitable 50% correction" sets in. The point being, every growth story has a time when nobody believes it anymore. Take a look at an established company like Biogen, that in the summer of 1996, after Avonex, after the great launch, after a huge acceleration in earnings, got hammered all the way down to the low 30's. There were patent worries, competition worries, valuation worries--then the stock tripled or better from there. Two months ago, everyone thought every drug SEPR had looked at would turn into gold in their hands, and we were busy debating whether we'd earn $12 a share in 2003 or $25, what the discount rate should be, and whether the stock was undervalued at $140 or not. Now everybody's reaching for their pitchfork and flamethrower, and heading to Marlborough. But nothing's changed with the company. All the PhDs are going to their labs every day, the sales force is making its rounds. The stock will take a while to recover, but it will, and when it does, all those people will be doing what they always have done, we'll be going about our business, and all this negativity will have vanished. I've been following SEPR as an investor since March 1995, went through a euphoric 100% rise to 20 in September, and an agonizing 50% decline back to 10 in the spring of 1996, during which I wrote our ex-IR director, Jean Devine, three letters and never got a reply until I finally wrote directly to David Southwell, who sent me back a courteous response that the company was in fact still in business, the company wasn't just a hoax etc. Well, look what's happened since then. The point of all this rambling is that we're not investing in GE for our measily but safe 10% annual returns, but we're taking an educated chance that we can outthink the market and reap exceptional returns. I'm not enjoying this downturn, but I've stuck with my convictions that this will be a great growth story in the next decade, and I've been adding to my postion substantially. Good luck to the longs