A Biotech Wreck
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Most of the excitement in the market today centers on such newcomers as Celera and Human Genome Resources, which sell their genetic data to drug companies. The hope is that these data will lay bare the road to many powerful new medicines. And I have little doubt that someday they will. Until then, though, we're still dealing with promises. If you're convinced that promises will become profits, by all means invest. But be smart about it. Buy a basket of biotechs, and limit your exposure to 5% of your total portfolio. Don't get me wrong, I'm rooting hard for this important industry--almost as hard as I'm rooting for my money. See time.com/personal for more on biotech stocks. E-mail Dan at kadlec@time.com See him Tuesday on CNNfn, 12:45 p.m. E.T.
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