re: smart money moving into biotechs retro applying PE is diffuclt with resources in a boom forward looking PEs could be better value than historic but it needs to reflect a deeper understanding of boom and "bust" resource cycles.
Biotechs lack scale and are to fragmented to be the subject of overall high PE ratios as in the US - same applies to local tech stocks.
Scale makes a big difference to stability in PE and profits
smart money moving into biotechs, page-21
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