I agree this is not new to sophisticated investors. That said, Joel and Brie should be congratulated for the depth and breadth of their research into this subject. Joel called countless times over the course of the development of the article and it was fun to see him climb the learning curve we've all had to climb after being introduced to biotech investing. If he continues to focus on biotech, he'll be an asset to all of us.
It will be interesting to see tomorrow's piece about how some management teams use FT really only for their own enrichment.
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