BEARISH ON BIOTECH

LAYMEN SHOULD STAY AWAY LEST THEY GET FLEECED

Dormant for years, the biotech bug is once again infesting stocks. This nasty man-made microbe, hatched in the labs of Wall Street, surfaces every few years to prey on susceptible (i.e., gullible) investors. Symptoms include feverish optimism followed by cold chills of reality.

The cyclical critter was due to hatch again anyway, but last week's revelation that Scottish scientists had succeeded in cloning a sheep amounted to a final whack at the snooze button. Now investors are wide awake to the potential wonders of biotechnology for the first time since a euphoric rally in those stocks in 1991. If you're a...

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