but that does NOT mean that intelligent investors canNOT find the few "special" situations.
Renowned VALUE investor Seth Klarman had a large % investment in THERAVANCE ahead of their recent deal with Elan.
Klarman usually steers clear of technology investments, as they usually do NOT offer the long term competitive advantages that top value investors require to calculate long term value.
Biotech companies do own IP or can get FDA franchises( Orphan Drug status) that provide a competitive advantage for many years (7 in US, 10 in EU) .
Biotech investing is risky!
Vical is a VERY special situation because of A-7, in my opinion.
AF has an agenda, and I will NOT be educating him....
I want to see him BURN!!!