Worst trade of the year, page-20

Biotechs carry inherant risk on equity markets - sometimes you win - usually you lose - my subjective probabilities told me the ODAC 9-1 gave me more probability of gain than loss. The unknown factor was what side of the bed the FDA heads alighted from. It could have been politics - it could have been a bad hair day but perhaps their scientific argument was correct (in their opinion). Perhaps MSB was seen as an overseas upstart - these are the black box factors you cannot account for. I took a hit today but have learnt to always cover your ass (if possible) with biotechs. They generally disappoint in the long run (except CSL of course) - but CSL has been a very long run. I think MSB will turn out to be a traders delight UFN. The FDA asserted its power - hard to beat that (the bastards).