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The Exchange
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The Risky Parts of Pharma Right Now
Les Abend: Where would you say are the riskiest parts of pharma right now, the places that you wouldn't really want to be playing around if you're not a specialist? For us, non-specialists, biotech, there are too many of them. It's a difficult time to raise capital. A lot of them have debt, which we've heard is not such a good thing these days. So I would stay clear of them generally, or be very, very selective both in the company, time, and the position size you take.
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