It just seems that the easiest way to make $ in this world is to invest it in fbiox and let it ride. Emerson's comments are very negative in light of this funds tremendous performance. He does bring up one legitimate point "how long can it last?" I don't know but I like the old adage "the trend is your friend" so I'm sticking with Mr. Kaul and fbiox. Besides the pe ratios of the large caps are no higher that lots of tech companies and I would argue their is more growth in biotech with an accommodative fda overseeing all these trials. Mr. Kaul has changed my life because I have bet heavy with him.