There was in inquiry about concentrating one's portfolio, and indirectly about Xoma.

First, I do not follow Xoma although my insitutional clients hopefully made a bundle when I recommended shorting the company in 2002 -- before it blew up due to problems I saw coming in a critical clinical trial. But that was a long time ago and now, to quote Sergeant Schultz from the Hogan Hero's show, "I know nothing!" I'll look into it and get back to you.

About portfolio concentration.

Portfolio theory varies by indidivdual needs, goals and the ability to tolerate and manage risk and loss. I am not in a position to say have a one, three or one hundred position biotech portfolio. I know a sucessful hedge fund manager in San Francisco who only does biotech little guys, always has 30 or 50 kicking around and he did 70% or more last year. I never own more than a handful at any one time and the biotechs in my personal portfolio did 40% or more last year -- I think. I've still got to crunch the final numbers.

So, I am punting -- only you can determine your risk tolerance.