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Stockwatch: Top of the market

This article was originally published in Scrip

Executive Summary

It's something neither a long-only biotech fund manager (who picks stocks because of their growth prospects), nor a biotech analyst would ever say; we are close the top of the market in biotech. This is because, if true, it means that investors who can will take their money away from biotech and rotate from the best performing sectors, to those of comparatively lower value.

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