Biotech Values

[theordore]

re. biotech bubble -- what a great reply from you biomaven0! Thank you so much, esp. since I learned after writing my message that WSJ had a big article on the same topic yesterday. The perspective you offer is very helpful; because it tells me to 'hang in there' and just be careful to be suitably hedged when I go our on a limb.
A senior person in Gilead offered a related comment at their CC Tues. when asked his opinion on whether biotech is in a price bubble. After saying (in effect) that the answer requires some definitions and subsequent analysis, he opined that the level of effective innovation is so high these days that one could argue that the valuations we are seeing are not excessive.