People just don’t believe that companies can be totally mispriced by the market. This makes sense as even the dullest investor can look at earnings and understand the value of a business, but this all breaks when it comes to valuing complex science. This is why companies like NEU or TLX can languish for years with the SP going nowhere and then suddenly the SP takes off as soon as they get to approval. If the market understood these business there would be a slow rise as they progressed, rather than a sudden jump at the end.
The good news is it doesn’t take a huge amount of skill, knowledge, or effort to be better than 99% of the market at spotting value in biotechs early. As an investor you don’t need to outrun the bear, just outrun the person beside you.
Ann: Race releases complete cardio-protection data & video, page-181
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