Biotech Values

[corpstrat]

You might want to read or re-read Galbraith's Great Crash. The orchestrated 'out of the woods' chats by Warren, Jamie and Larry are reminiscent of similar jawboning from wise men talking their books during that episode. This time may be different - or maybe not. There's a lot that is still ugly on balance sheets and in the real global economy and stimulus has been way too little - Roubini has been better on all that than most. In the end it is not possible to tell if that has been fully understood by the marginal investor and fully priced in. My guess is as good as yours, and it is the opposite of yours, for the record. In other words I don't expect this rally to last and I expect the slump to be prolonged.