2018.....what's hot, not and new, page-28

Just means Buy Early Sell Before.

So with life science companies, I think when you look at the statistics, in most cases, holding into a readout that seeks data beyond safety and maybe certain, malleable, "signs of efficacy", is essentially gambling. Easy to get set a bit early (3-12 months or so) and then wait for fomo to kick-in and derisk, prior to the binary event. At least taking some off the table prevents a total roadkill if the binary event doesn't go the way the company would like, which is often (PBT, LCT, IIL etc)