The four qualities that I assign the most weight when evaluating a biotech company for viability is 1) An efficacious product 2) Sufficient funding 3) Competent leadership and 4) Relationships with big pharma. Generally speaking, when these qualities converge a company will succeed. Until the 1987 stock market crash it was widely accepted that the market was efficient; meaning that stocks traded at fair value. But, after the market shed 20% of its capitalization in a single day, that assumption went out the window . . .