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AZNCF - Biotech's Q2: Lots Of Candidates That May Deliver Alpha
AstraZeneca Plc
Background
When both large cap biotech (IBB) and the smaller names (XBI) began to get a bit frothy by late 2014 and most of 2015, I began comparing the sector to tech (QQQ) in the 1998 period: not quite a bubble, but close. As it happened, biotech never went to the extremes of the tech-telecom sector in 1999-2000, but the analogy otherwise holds. In both cases, after the sectors peaked, private investment stayed strong. This meant that the significant amounts of smart money believed that inflated public (and, temporarily,