MSB Trading - 2020, page-20944

"BUT... long term holder in BIO industry make 90% poor investors and just 10% happy ones. That is not my estatistic... "

Well I agree here, maybe even 95% vs 5%. I have been doing bio for a long time (and invested in plenty of those 90% companies). So when you spend a long time selectively looking and you feel you have found one of the 5%, it could be very, very big. I can tell you MSB potential type companies at this stage and this price, is very hard to find. I don't waste money on too many of these as I don't like speculative companies. That's when you lose 100% of your capital for a potential 50 fold gain. Not my style.

And yes, ppl will say MSB is a speculative company. Well in my eyes, it is not for many reasons but I know the general investor community will classify it as 'speculative' until X, Y and Z. At that time, I am not interested in buying MSB, just hold or may sell some. In investing, you just have to be ahead of the re-rate, whether its SP target or revenue upgrade or 'speculative' to 'investment grade' upgrade. Doesn't matter if it is 3 months or 5 minutes ahead of the re-rate. You just have to anticipate based on many, many factors which sometimes you can measure (eg revenue) and sometimes use experience and intuition (and I don't mean luck and guessing). Some ppl have built up specialist skills in industry over many years either through research or working in those fields. That's what I mean. As an individual investor I have no accountability to anyone for those intuitive calls I make, unlike a fund. So that freedom gives retail investors a big advantage, imo.

Retail sometimes gets it very, very right. Looks at what happened since this big COVID crash, instos go to maximum cash, retails jump in and make a fortune. Now they are selling profits and instos forced to buy back because they are so underexposed to the market. Plenty of stats produced out there which is showing this is exactly what has happened.