Q: Do you think biotechs are in bubble?
A: Biotechs may be undergoing a "melt-up" but I don't think they're in a bubble yet. We'll know they're in a bubble when everyone -- including friends, relatives and neighbors -- is talking about them and buying them with reckless abandon. I definitely don't get that vibe right now. A lot of the biotech ownership is among professional investors, not small retail traders.