IphonE
4G
Get
out of my way – I have to pre-order this
before anybody else June 15, for June 24 arrival. I . . .
can’t . . . wait.
DCTH
Oops. Down 26% yesterday.
Guru explains:
They presented their data over the weekend. At
these presentations, there is an independent reviewer who gives his opinion of
the data. On the plus side, the data on the primary endpoint –
progression of the melanoma in the liver – was better than expected and
there was a statistically significant benefit in delaying progression
overall. Also, statistically significant difference in response
rate. There was no difference in survival – because they allowed
half the patients to cross over [from the placebo]. If you compare
survival for those who didn't cross over to those who did, there was a doubling
in survival – but the numbers were so small it didn't reach statistical
significance. There were also a couple of patients in the treated arm who
died very soon after the treatment – none was actually caused by the
procedure, but because they happened so rapidly, they had to be counted as
"treatment related." Because of this survival data – and
the trial was not designed to show a survival benefit – the independent
reviewer said the didn't see that DCTH was providing any benefit. That is
why the stock was down so much.
The reality is that this product met its SPA, will get
FDA approval on a single trial, and will be widely adopted for those patients
with this condition – melanoma spread to the liver.
☞
It might go lower (and there’s always the chance Guru just proves to be
wrong and Independent Reviewer, right). But at least for the shares I
hold in my taxable account, I had planned to hold for a year and a day anyway,
so what matters is where it will be next year. Guru thinks: higher.
As of now, it’s still about double what we paid, so all is
not lost.
LESBIAN
MOMS
I linked yesterday to
the Florida Republican gubernatorial candidate’s push to make sure no gay
or lesbian can adopt. Today, US News & World Report offers this
write-up on a 20-year study finding lesbian moms to be superior. George Rekers’
view, which the Republican, Bill McCollum, valued so highly, is not included.
Since the flap over his hiring a male prostitute for 10 days of luggage
handling and naked massage, Rekers’ family-oriented credentials have diminished.
.
. . Compared to the traditionally reared
teens, adolescents with lesbian parents rated significantly higher in social,
academic and total competence, according to the study. The teens with lesbian parents
also rated significantly lower when it came to social problems, rule-breaking
and aggressive behavior than teens raised in more traditional families. . . .
☞ Two sources cited in the article said they
expect gay dads, if studied, would also have ranked high. Said one:
“Good parenting makes for healthier children, regardless of your sexual
orientation. Whether you’re gay, straight or lesbian, good parenting is
good parenting.”
THE
REAGAN/BUSH/BUSH DEBT
Don
Szostak:
“It seems to me your mantra about not returning the government back to
the folks who got us where we are only serves to satisfy those of your readers
who think like you. Fair enough, but it seems there is a lot of
fact-bending going on. Check this
link, for example. The conclusions are directly opposite to your
own.”
☞
The link makes the case that the Democratic Congress forced Bush to cut taxes
on the most affluent and incur the enormous cost of occupying Iraq. And
the Republican Congress forced Clinton to raise taxes on the affluent and
balance the budget. Why am I not buying this?
THE
NEED TO ADJUST
Tina
Amonn:
“Completely agree with yesterday’s column . . . with one
important exception. There is no such thing as a pair of shoes that you do not
need.”
Tom
Paine:
“I don’t understand your suggestion that ‘government labor
contracts’ need to be renegotiated before they ‘bankrupt our states
and municipalities.’ Your anecdote mentions one person in one city,
but you generalize the problem to all states and municipalities. For
what they’re worth, here are a couple of other anecdotes. I
know a number of Virginia state government employees who have not had a raise in
four years. I’m a local government employee who has not had a raise in two
years. We are not members of unions. We are still working and in our
sixties. Please don’t contribute to the angry public mood that
government workers are overpaid obstacles to good government whose
benefits need to be cut. Didn’t we have enough of that from Reagan,
Bush, and Bush? The immediate cause of the public-sector
difficulties is the collapse in tax revenues that came with the 2008 Wall
Street crash
and the credit crisis, and was not the fault of government workers
unless you want to count Reagan, Bush and Bush.”
☞
Tom links to this
overview of the controversy – worth reading – and the first thing I
want to say (apart from acknowledging that of course every situation is
different, and not all government employees retire at 40 with $70,000 inflation-indexed
lifetime pensions!) is that this is not about “fault.” Most
public employees work hard and well, and don’t, in any event, negotiate
their own pay packages.
If
it were up to me, everyone would get a job, a raise, and a tax cut. But
we haven’t figured out how to do that, so in the real world, we have to
make some adjustments. I’d rather pay somewhat more in taxes and
see renegotiation of some government pay and pension packages (as is already
happening) than see massive lay-offs and public service cuts.
More
of your thoughts on yesterday’s column tomorrow.