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incylong, I think your post illustrates why intelligent, motivated investors still have no business investing in biotech. The stories these companies spin are almost impossible to ignore, but are full of traps for the unwary.

To pick on just one point you made, that while seemingly making perfect sense, is in fact completely wrong:

"I keep waiting for the big pharmas to go back through their failed clinical studies (from the last 50 years) to find compounds that worked great in some people, but not in enough to be statistically significant or were too toxic to sub-populations."

I agree, it sounds so simple, so elegant, so profitable. Why is this idea so obvious to you and I, but not even one big pharma is taking advantage of this treasure trove?

I'm sure you'll find this hard to believe, I did at first, but there is one very simple answer: the data doesn't exist anymore. Yes, they just threw it out. Which illustrates why you, The Motley Fool, and even biotech insiders like me, shouldn't be investing in biotech. None of us know squat. There is in fact no possible way we could know squat, unless we actually happened to work for a biotech in which we were planning to invest (which is why I own stock in only one biotech).

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