OCC Trading, page-911

Mate IMU being killed as well, you must be feeling it big time. My commiserations on the loss of value in both.

I've been short tech indices in the US and am starting to flatten out, I will happily confess OCC and other bio-tech investments have eroded nearly all of my gains therein. But they are small caps and I expected them to fall improportionally more than a US fall, so was heavily short. US NASDAQ has fallen 25% and Russell small cap index -20% year to date - I'd expect related small bio-tech caps to be down 30-50% on that move.

After calling interest rate hikes since last April when super inflation firtst emerged in the US and the US 10 year was 1.1% (now 3.1%), I am now calling the market over-bullish on interest rates (bearish on bills). US 2 year is 2.72%. No way rates will go that high in that time. The global economy is so badly indebted it will struggle (and inflation dissipate) with a couple of 50 basis point rises this year from central banks - I am so often contrarian because alas the markets are en masse so stupid excessive in swings.

I suspect the falls will abate in some of these bio-techs soon. Many are trading at bargain prices now, given their propsects. Management are even buying in some and its rare for them as they can usually just spin off more shares to reward themselves, ignorantly and thoughtlessly approved by shareholders as you point out.