[Ed. Note: Dr. KSS writes about medicine and biotech stocks for the Irregulars. He has agreed to our trading restrictions, chooses his own topics, and his words and opinions are his own. You can see all of his past articles here.]
“Who wants honey?
As long as there’s some money?”
—–“Cherub Rock,” Smashing Pumpkins, Siamese Dream (words and music by Billy Corgan)
We’re in the process of making, or trying to, a living, breathing, organic palimpsest of biotechnology investing for you at Gumshoe Biotech. With today’s column, we conclude a story arc that’s had us sitting down during the summer with biotech management, asking sometimes pesky questions to discern answers that are squid ink-coated pablum from answers that are actionable for investors. This arc follows an older one (commencing here, continuing here and here, and wrapping up here, where we first introduced readers to today’s company) on pain and analgesia. We’ll continue to meet with management when need arises and readers demand it, and meanwhile pain is such an elemental part of disease, its treatment such a perennial biotech pursuit, that columns monitoring that space will come along periodically.
Since we’re being a little peripatetic here, here’s a word: strategy. I’m not a schoolmaster tapping a foot and glaring at you with an imposing brow asking if you have a biotech investing strategy. That’s what we’re here to learn: by deliberating in a concentrated way on biotech, with time you’ll concoct a strategy, one that probably will differ from mine, from Alan’s, from Glenn’s, from Subramania’s, but one that works well for you. Not all roads lead to Rome, but very many certainly do. Some of the columns may be tough going, but breathe deeply, read them two or three times, and the vocabulary, the concepts, what Germans call the begriff of it…those become yours. (I don’t consider any reader “simple,” but even so there’s Proverbs 1:4 about giving subtlety to the simple.) But one wonders if a good strategy may be to start by asking the following (simple) question and biting down on it til you have an answer clear as an unmuddied lake: Does the company I’m investing in have a strategy? What is it? Can I myself summarize it in a few bulleted points? Can I espouse that strategy? Is its strategy consistent with my goals as a biotech investor?
Some years ago, an older doctor joined ...
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