Replies to post #6932 on General Stock Ideas

[bigworld]

gfp: The first individual biotech I ever bought, based on a tip from a friend who did some consulting for them early on, was Amgen. My huge profit on that one stock made me too confident that I could make money in biotech. Throughout the years I've owned ISIS, AVII, COR, PPHM, and many others. I lost money on almost all of them except ISIS. I still have modest positions in PPHM, AVII and CVM. I am underwater on all of them and treat them like long term options. If I sold now I'd lock in the losses. If they go to zero I won't lose much more than I have already lost. But I no longer put any new money into the sector. The FDA is too much of a burden to overcome. It takes too much money and too much time to develop new drugs. When the time comes to go long again I will go 100% into inflation plays...nat resources, precious metals, energy and agriculture. No more biotech's for me. Ever. I have learned my lesson. I am particularly susceptible because I get way too excited about the science and ignore the financing and management issues that always arise. Biotechs are like longshots at the track. Once in a while you cash in big, but most of the time you're ripping your bet slips in half and throwing them to the wind.