John,
If you had over 200 stocks shown, then you must have posted when you sold them all in 2007, and then repost when you bought back into stocks in 2009 as you claimed here. Did you do so? If so, post the link to the site and I will go there and see the evidence to back your claims. Otherwise it is just another unsubstantiated message board claim by a message board stock picking genius. Yes you are correct, it doesn't matter what I believe, but when you make a claim about selling ALL your stocks near the top in 2007, then buying back near the bottom in 2009 but don't provide any evidence, you deserve to be dismissed, and perhaps even chided a bit. I am doing the latter, as did Dew.
I never owned a pain Biotech. I believe the company you are referring to is PGNX, which I do own, and their first drug on the market, Relistor, is to treat opiate induced constipation. It hasn't done well, primarily because they had to conduct a one year safety study after approval because one of their competitors drugs failed in trials because of side-effects, none of which have been seen with Relistor, but the FDA isn't taking any chances anymore after some recent safety debacles. The one year safety study is for the largest potential market for Relistor, constipation due to opiate usage for chronic pain, and the trial has just completed so won't have that long to wait. Management sucks as they reuse to hold conference calls. One very painful lesson I learned with GTCB is that crappy management will almost certainly drive a stock down and even out. One stock that has been mentioned here, ONCY, has a horrendous CEO, Brad Thompson, who predicted they would have their oncolytic REO virus on the market in 2002. The guy keeps making wild ass predictions that never even come close, but he never pays a price. I owned a small amount of the stock several years ago, but sold off after reading more about the CEO, and only lost a small amount in the process.
I do recall the issue at hand. PGNX just received cash from a Relistor deal, and stated they would use some of the money to periodically buy back some stock. It seemed like a reasonable move at the time, especially since there wasn't a rush or a firm commitment to do so and PGNX had plenty of cash on hand. You didn't know anything about PGNX, yet were sure it was a very bad move. I understood your view about cash, but disagreed. Don't post that I didn't understand your point.
AI
