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Post# of 257426
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DewDiligence

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DewDiligence

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Re: rkrw post# 64000

Monday, 07/07/2008 8:02:15 AM

Monday, July 07, 2008 8:02:15 AM

Post# of 257426
>APPX – It was trading around $10-11 when the whole heparin thing came out.<

This is an example of market inefficiency: the contaminated-heparin episode did not create value for heparin producers in the aggregate but rather transferred value from BAX to APPX. Yet BAX’s share price was unaffected by the episode.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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