Anavex Life Sciences Corp (AVXL)

[sokol]

This was written generally about holding stocks in bull markets or shorting stocks in bear markets, but I think it applies in special situations in the biotech area (forgive me for any typos I may miss):

Page 57:. Reminisces of a Stock operator

"After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made big money for me. It always was my sitting. My sitting tight! You always find lots of early bulls for markets generally bears and bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine – that is, they made no real money out of it. Men who can be both right and sit tight or uncommon. I found it was the hardest things to learn.

The reason is that a man may see straight clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. The market does not beat them. They beat themselves, because though they have the brains they cannot sit tight..…

........One of the most helpful things that anybody can learn is to give up tryinvg to catch the last eight – the first."