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Biotech / Medical : TECHNE (Tech): "selling picks to gold miners"
TECH 77.31+1.2%Jul 12 4:00 PM EDT

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To: Lance Bredvold who wrote (40)10/1/2023 4:50:00 AM
From: Lance Bredvold   of 46
 
Since I'm using this board as a place for thoughtful personal reflection, I want to recall that I did give 100 shares of TECH to a charity for which they received $37,xxx. I did not do it as soon as I thought of it as a strategy waiting in hopes of a higher price, but at least I bit the bullet and bought back the $400 strike call I'd sold earlier at a small profit so that I was able to give away this gift.

Since then we've had a 4 for 1 stock split and the price has become more reasonable though not what I'd call reasonable. I was waiting for a price of $50 or less and finally gave up and bought a lot at $77. The price promptly went down to $65 where I did not have more funds available for a second buy in Sept. More in my budget for Oct and if the price will stay down perhaps I'll get some more.

Currently the market has been weak and we may finally be entering the bear market I've been predicting and planning for over 5 years. We've been hanging around 90% of the S&P high point for a year now after early decline to nearly 80%. But this last few weeks have brought us down under 90% or so with FED interest rate raises to curb inflation and also the threat of government shutdown. And a decline to 80% would make my budget for buying stock 3 times the base amount.

TECH PE is still up near 40 even though we are finally beginning to see growing earnings again. Sales have grown much faster via acquisitions which clearly are warranted with such a high PE to utilize for purchases. A sudden surprise; I notice TECH is incorporated in Minnesota, not Delaware. Generally MN has been pretty progressive on medical tech companies so maybe that's a good choice. I think I've mentioned before that I've chosen to emphasize upper midwest companies over Texas based ones due to higher faith in management's honest evaluation of prospects. Somehow Texas CEO/CFO's seem to be mostly hat and few cattle.
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