>>The Market is not rational as a whole and individual investors (and institutional investors as well) certainly cannot be considered "rational."
I think you misunderstood my point here. What I was trying to express is that there is a potential disconnect between the stock price moves and the fundamentals, and that provides an opportunity for the fundamental investor. I'm not saying these stocks won't go down in response to a market crash - of course they will, as everyone runs to safety. But I am saying that those declines provide an opportunity for buyers with conviction about the stock and a strong stomach.
So basically I am suggesting that you find some biotechs where you like the fundamentals on a risk/reward basis and buy them when everyone else is selling (or just ignoring the stock). That's basically been rkrw's consistent strategy, and it's been very successful for more than a decade now.
Peter
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