Biotech Analysts $4M pa, page-6

The RR is quite good, using the strategy I mentioned, as it eliminates holding into the litmus test that reveals the questionable nature of the company. But then even promising molecules with years of compassionate data and positive phase I/IIa seem to have low COS, so I just avoid "binary" risk altogether.

In some ways I think medical devices are a lot less abstract and able to be treated more like regular businesses but they come with their own can of regulatory and execution worms.