Biotech Values

[rstor1]

2004- decent year

I had about 20% return - had cash coming in and going out so it's not easy to figure.

Substantial Winners - CATG, DNDN (with some trading), NSTK, TKTX selling covered calls.

Substantial Losers - AVAN (I added to the position during the highs last spring), AVII and PTN (I'm either really blind, or the market is.)

Post-disaster exit strategy - worst prices are generally on the second day after the event. If you can get out very early, do it, otherwise wait for a few days.

Regards,
Bob