Privately some of us have been predicting for a while now that the share price would drop a little on weak selling. It's no big surprise. Our discussion was whether we should sell a little and buy more shares back cheaply later. To my knowledge none of us did that because we didn't think that the volume would be there to buy the shares back cheaply. And there is the worry that BTI might have imminent news about Shire, Abbott or new programs with new pharmas. In the end, we just hold and watch, safe in the knowledge that the story hasn't changed any, except that more pharmas have assessed BTI and have decided to engage in Transcend programs.

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IMBROKE2, a painfully amateur investor, would have us believe that a handful of small investors panic selling into the bids know more about the value of BTI and Transcend than MedImmune, UCB, Abbott and Shire might know. I think I'll stick with the opinion of the pharmas instead of the market's opinion on this one. I recently counselled a buddy to hold off buying BTI. God, I love being right. In the stock market, there is no substitute for it, except luck, which IMBROKE2 seems to need more than most.

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jdstox

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