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Articles about the work of Steve Eder

Doctors and Insider Trading
futureofcapitalism.com

The Wall Street Journal has an article reporting that the FBI is looking at doctors and drug trials as part of a probe into "insider trading."

The article is illuminating in several respects. It reports, "The health-care sector is particularly ripe for expert-network activity. Biotechnology companies often live or die based on the effectiveness of a single drug. Investors who can glean insights during the many phases of clinical trials leading to regulatory approval or rejection can profit handsomely from that information."

In other words, it's the "regulatory approval or rejection" that spawns the investment opportunity. By creating a powerful national Food and Drug Administration that has the power to bless or essentially to outlaw drugs nationwide, Congress has created the market opportunity that investors are seeking to take advantage of. If there were 50 independent state FDAs, or if judgment on whether a drug worked were something that was established over time by various nongovernmental health care organizations, prices of medicine-makers would swing less dramatically. In the meantime, to defend the powerful-national-FDA system it created, the government is running around trying to keep it a secret whether certain drugs work or not. Never mind whether this information should be kept confidential from hedge funds — what's the point of keeping it confidential from the patients the drugs might heal?

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The Wall Street Journal Versus Fairholme
futureofcapitalism.com

Today's Wall Street Journal has an article under the headline "Fund Stars Fallen: Berkowitz and Miller Stumble in Market Malaise" that begins:

Well-known mutual-fund investors Bruce Berkowitz and Bill Miller enjoyed winning streaks that lasted years. But they have been among those whacked in the current downturn.

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Not-So-Fallen Fund Star
futureofcapitalism.com

Back in August 2011, when the Wall Street Journal wrote about the Fairholme Fund and its manager Bruce Berkowitz under the headline "Fund Stars Fallen," I observed that the Journal had also criticized Fairholme's performance in January 2009:

If a Journal reader had listened to the 2009 article and sold out of Fairholme, he would have missed out on annual returns of 39.01% in 2009 and 25.47% in 2010, which is something to consider when reading this latest Journal article focusing on Fairholme's returns for less than half of the month of August, or focusing on Monday's returns for an article in Wednesday's paper that doesn't include Tuesday's returns. Whatever one thinks of Mr. Berkowitz, he's a lot more credible than the Journal's coverage of him.

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Not-So-Fallen Fund Star
futureofcapitalism.com

Back in August 2011, when the Wall Street Journal wrote about the Fairholme Fund and its manager Bruce Berkowitz under the headline "Fund Stars Fallen," I observed that the Journal had also criticized Fairholme's performance in January 2009:

If a Journal reader had listened to the 2009 article and sold out of Fairholme, he would have missed out on annual returns of 39.01% in 2009 and 25.47% in 2010, which is something to consider when reading this latest Journal article focusing on Fairholme's returns for less than half of the month of August, or focusing on Monday's returns for an article in Wednesday's paper that doesn't include Tuesday's returns. Whatever one thinks of Mr. Berkowitz, he's a lot more credible than the Journal's coverage of him.

Read More...


The Wall Street Journal Versus Fairholme
futureofcapitalism.com

Today's Wall Street Journal has an article under the headline "Fund Stars Fallen: Berkowitz and Miller Stumble in Market Malaise" that begins:

Well-known mutual-fund investors Bruce Berkowitz and Bill Miller enjoyed winning streaks that lasted years. But they have been among those whacked in the current downturn.

Read More...


Doctors and Insider Trading
futureofcapitalism.com

The Wall Street Journal has an article reporting that the FBI is looking at doctors and drug trials as part of a probe into "insider trading."

The article is illuminating in several respects. It reports, "The health-care sector is particularly ripe for expert-network activity. Biotechnology companies often live or die based on the effectiveness of a single drug. Investors who can glean insights during the many phases of clinical trials leading to regulatory approval or rejection can profit handsomely from that information."

In other words, it's the "regulatory approval or rejection" that spawns the investment opportunity. By creating a powerful national Food and Drug Administration that has the power to bless or essentially to outlaw drugs nationwide, Congress has created the market opportunity that investors are seeking to take advantage of. If there were 50 independent state FDAs, or if judgment on whether a drug worked were something that was established over time by various nongovernmental health care organizations, prices of medicine-makers would swing less dramatically. In the meantime, to defend the powerful-national-FDA system it created, the government is running around trying to keep it a secret whether certain drugs work or not. Never mind whether this information should be kept confidential from hedge funds — what's the point of keeping it confidential from the patients the drugs might heal?

Read More...


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Steve Eder

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