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Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money by David E. Adler

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12. Momentum

On May 4th, 1998, The New York Times front page contained a special report, “HOPE IN THE LAB: A Cautious Awe Greets Drugs That Eradicate Tumors in Mice.” The article, by science reporter Gina Kolata, breathlessly claimed: “Within a year, if all goes well, the first cancer patient will be injected with two new drugs that can eradicate any type of cancer, with no obvious side effects and no drug resistance—in mice. Some cancer researchers say the drugs are the most exciting treatment that they have ever seen....”

Following this momentous news, the stock price of EntreMed, the biotechnology company with rights to this wonder drug described by Kolata, soared by over 500% reaching at one point $85.00 a share before dropping down. However, ...

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