My investment strategy consists of picking stocks with a strong management team, an important competitive advantage and possible high cash flow margins. Meanwhile I prefer not to take too much risk while investing. Normally, biotech companies should be avoided applying this strategy. In fact, the risk-averted market discounts biotech companies as a consequence of regular capital raises and uncertainty about future profits as most of the drugs fail to reach the market. It looks like the market discounts Galapagos (GLPG) accordingly, while in my opinion risks are low and future cash flows more