the past 12 months have been rough for long shareholders. but it also represents a test of resolve. each individual has to take mental inventory of how well they understand the science, what is their level of trust with management, and what is the likelihood of the drug reaching approval and generating revenue. i feel confident in each of these areas. but, as is the case in life, at the end of the day - it's on each of us individually - no one is coming on the white horse.

i don't like seeing my friends lose money on something i recommended (maybe i shouldn't have recommended it) - so that's been the hardest thing for me. but i've been adding each week, starting with the plunge after the whole FDA letter debacle. and for those who bought in much higher, this is your chance to increase your position - even though it doesn't feel good. buying at the right time never feels good - and is only clear in hindsight.

Buffet talks about buying at the sound of cannons and selling at the sound of trumpets. well, the canons have been firing all Summer, and nearly blasted my balls off based on my portfolio value - but I guess that's a signal of what we should be doing here.