Announcement of "POC1", page-71

Perhaps true, but on the obverse, there is no way that I will be selling any ADO in order to add to my AHZ or NEU. ADO is only one big announcement away from matching, or bettering, those two in value. One or two (or more ) big deals could occur at any time. Conversely, none may ever eventuate. That goes with the territory of speculative investing.

One thing is clear to me now. The chatter, midway through last year that ADO held less risk than your everyday research biotech was a little off track. Risk is everywhere in speculative companies whether they are attempting to establish the efficacy of a drug or looking to find and penetrate a market for a clever invention. The original gas engine (the forerunner of the petrol engine) was an invention which took decades to find a use - look where it ended up. Street lighting in the city of London remained on inefficient gas many, many years after the invention of the electric light, due to inertia generated by the huge investment in gas lighting. The deliberately anti-engineered QWERTY keyboard has never been replaced by an easily engineered more efficiently designed model.

For me, ADO has huge potential, but carries just as much risk as many of the more promising biotechs - it does not have a monopoly on risk/reward as was spruiked last year.