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One of the ongoing lessons I take from observing the business world is the importance of a company taking prudent risks. Another observation as an investor is the value of companies that under-promise and over-deliver. The Biogen (BIIB) stock crash Thursday on the news that its touted Alzheimer's antibody had so little activity that the study was halted early on an interim analysis is something I see as exemplifying these points. Another recent example involved Gilead (GILD), which moved a NASH drug into Phase 3 based largely on