A Biotech Wreck

It's an industry full of Ps--promises and potential. Call me when they get to profits

Investing is all about promise, and no industry has delivered more of that over the past dozen years than biotechnology. That many of those promises have gone unfulfilled, however, deserves mention as we enter yet another period of wonder-drug euphoria on Wall Street. In the past, flamed-out cures for everything from cholera to cancer have burned those who dared put their money on a biotech dream. Just in case you forgot, or are too young to remember: there was a heart-fluttering, blood-clotting, joint-stiffening biotech bubble and bust in the early '90s, and Mr. Market has thoughtfully rewound the tape. The group's...

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