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The Risk Averse Biotechnology Industry
The efficient market hypothesis goes something like, hey, every good idea there is that is obvious has been tried. And or if there's untapped value in the market, an efficient market will recognize it and equilibrate supply and demand. In a biotech bear market, people are less likely to bet on potential than they are on realized value. The one advantage we tend to have in biotech is that there's very low commercial or market risk.