Zellchair
Sep 24, 10:53 PM
$FBIO $FBIOP $DERM So, is the conclusion that I’ve simply been lucky?
Not just lucky. I think many can attest to the fact that I’ve put a great deal of effort into actually trying to understand these companies (regardless of the fact that I’ve taken a harsh tone here). However, I have been incredibly lucky with the timing of my buys and sells—decisions that weren't driven merely by an "on/off" switch based on beliefs or perceptions of valuation, but were also closely linked to my overall financial picture.
Don’t get me wrong. The management teams at Fortress and Journey know the game—perhaps *too* well—and, in my view, that unfortunately penalizes their shareholders. My example today regarding the Journey EMA milestone illustrates this point perfectly. They could be transparent about it; instead, they only include the full details in the 10-K for the year the licensing agreement was signed, rather than including them in every 10-K—and ideally, every 10-Q as well.
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