Biotech Values

[DonShimoda]

To clarify my earlier post, I am drawing a distinction between corporate currency risk (which among other factors is dependent on whether a product is sold in a customers local currency and repatriated) and the currency risk associated with investing directly in a non-US corporation as compared to using its ADR. The former represents translation risk which hits a company's P&L while the latter is a transactional risk that hits your wallet.