I guess it is again one of those periods where the individual investor (including me), seeing all the green on this screen, thinks he is sooo clever, even though it might be just the tide lifting all boats (well, except a few).

Up from 48 to 64 then back to 60 since my last post, TECHNE's stock is currently trading at something like 18times current (FY2010) earnings, which historically has been cheap for the company (see my last post).

I think Techne's stock is still woth being bought at current prices (and I, for one, increased my position by another 15%, roughly doubling the original position since the early year dip below 50). No wonder Techne has become my largest holding again (after Nestlé). Third is MCF (Contango Oil).

GPRO (Gen Probe, ca 37.5USD) is another stock I was happy to buy and transform my original small position into a rather large one. After earnings, the shares tumbled 15 % from an already low base. It is one of the last independent pure molecular diagnostics play left, has a stellar balance sheet with no debt and something like 25% of its market cap in cash, has a fine product offering and an interesting pipeline. IMO you cannot do much wrong when buying a stock like GPRO at something like 18 times forweard earnings. I'd like that insiders owned more shares, though.

I don't think that neither Techne nor GenProbe will "explode"
anytime soon, but we should see a steady long-term upward trend, beating the usual indices. The same holds for my large NG-position in MCF (Contango Oil&Gas)

While the ANGO (Angiodynamics)investment has been a disappointment so far, I stick to my position (in the red). IGT (Intl Game Technologies, ca 20 USD) came back with a vengeance, and while it is not an investment to boast about on my part, I am at least even again (so much for great performance).

On the "hardcore biotechnology" front things look better again. I continue to be happy holder of SGEN (Seattle Genetics, ca 12 USD) by far my largest pure play biotech holding. My second largest position, MIPI (ca 5.8USD), could win a star CEO coming form GE/Amersham some 2 months ago, which was the trigger point for me to quadruple my initial small position.

All in all the recent surge has brought me back to January 2008 levels, even though still about 15% below peak 2008 levels. Let's see what the future brings (considering myself, as usual, as a rather good contrary indicator, I could argue that it is time for me to lighten up, especially since my cash position is at a low).

regards

Dr.John