Biogen: BIIB

In bear markets, most stock prices fall because valuation and risk premiums are correlated to economic activity and interest rates. As a result, we have been focusing on overpriced stocks as we believe the US & European Equity markets are in a bear phase. The Asian markets have been in a bear phase for some time now, and that bear move has been devastating to virtually every stock price, particularly the tech and internet stocks in China.

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