Same logic played out in biotech after 2021. Names that cratered 80% got cheap on paper but stayed expensive on fundamentals until pipelines matured. Multiple compression only signals value once growth actually stabilizes, not before.
I was surprised by the lack of M&A when the sector collapsed. But now prices are rebounding and M&A will pick back up. Decide what you think that means about the “smart money.”
Same logic played out in biotech after 2021. Names that cratered 80% got cheap on paper but stayed expensive on fundamentals until pipelines matured. Multiple compression only signals value once growth actually stabilizes, not before.
I pushed CSU so hard at the bottom!
Fantastic company.
Great of you to keep your mind open on the way up! That's hard to do.
I was surprised by the lack of M&A when the sector collapsed. But now prices are rebounding and M&A will pick back up. Decide what you think that means about the “smart money.”