Biotech Values

[the_busy_ant]

I had a 28% return this year (a lot of it realized).

Part of this was due to the fact that I liquidated some of my positions when I *thought* I was going to buy some real estate. The real estate deal fell through, and the stocks that I had liquidated promptly tanked in the traditional biotech summer swoon--leaving me w/ realized gains but also allowing me to buy back in at substantially lower prices.

As they say...Even a broken clock is right twice a day.

I also made decent 'income' selling covered calls. But even one of these sales ended up costing me a little bit.

I sold covered calls ($30 strike) against my QLTI position (I bought @ $15). I was more than happy to be holding the open call position when QLT briefly popped over 30 this year, thinking that I would have my shares called away. Unfortunately, QLT quickly and steadily tanked and I refused to close my call position until they expired. By the time they expired QLT was @ 23.5--penny wise, pound foolish.

As far as losses, my biggest was ICOS. bought @ 35...sold @ 28. Then bought back in @ 25.

I agree pretty much with everything pgs said though. Selling those D-day losers ASAP has given me much more peace of mind than holding onto them and praying for a bounce.