Aussie SP holding steady..., page-21

You say "Im talking about value in March 2015". Well I'm talking about value now. Value now is obtained by estimating the odds against various outcomes. If efficacy is proven, the shares will likely be much higher but no better or worse value than they are now.
There is a horse running this afternoon, with a good chance of winning. Is putting $1 on it worthwhile? That's easy: wait until it has run, and if it has won put your money on then.