Yes, in retrospect Cortex's management definitely made some big mistakes, no argument there, although there are even worse managements out there. But the main lesson I learned from my misadventures in biotech (a little late) was that in addition to diversification, it pays to stick to safer areas within the healthcare/bio sector.
In Sleep Apnea for example, check out ResMed (RMD), a maker of CPAP equipment (chart below). Not exciting like biotech, but it's a solid way to play the growth of SA in the aging population. The veterinary area (IDEXX Labs) also has solid predictable growth, without the mega risks of biotech.
I decided to stick with the Peter Lynch approach -- boring but profitable companies. Lynch said that over the years his best picks have come from the dullest sectors (one of his most profitable long term picks was a company that owned a rock quarry). He said it's even better if the company's business is both 'dull and disgusting', and Stericycle would fit that bill, in the medical waste disposal sector. Just look at that chart, a boring but profitable business and a monster long term stock. With safe healthcare related companies like these, who needs biotech anyway?
ResMed - CPAP and related equipment to treat Sleep Apnea
IDEXX Labs - Veterinary diagnostic products and services
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