BiQ Journal for November 8, 2025

It's been a while since I had time to write a journal entry, so I thought this might be the proper format to share some thoughts this evening.

One question I get asked every so often is whether I use my own Strong Buy and Buy targets for my own entries. For the most part, the answer is yes if I'm adding to one of my positions. However, there are times, although rare, when I will buy a stock above my Buy targets. In these situations, I will usually combine the purchase with an options strategy to bring down my effective cost basis to below my Buy targets.

Then the next question is, if I'm willing to add to my position, why not just raise my Buy targets? The answer is that the Buy targets are designed to offer some margin of safety to BiQ members. I usually only raise my targets when the thesis strengthens enough to justify it, and I never raise targets based simply on near-term price action. Price movements in the short term are often driven by sentiment, while my targets are founded in fundamental analysis. Thankfully, the market offers plenty of mispricing situations, allowing attractive entry points for good stocks below my targets.

Speaking of sentiment, I shared in chat this past week that I often think about near-term price movements in terms of a contest between fundamentals and sentiment. Fundamentals are like gravity, and sentiment is like an applied force. In the short term, an applied force will usually win: one can apply a force to push a boulder against gravity, sometimes quite far; however, as soon as you stumble or get tired, gravity quickly reasserts itself--and when it does, beware of falling rocks!

This doesn't mean I don't pay attention to sentiment. If sentiment is running hot, I might take advantage by selling calls or trimming my position, and if sentiment is running cold, that's usually when I'll make my larger purchases. I don't think sentiment is a good indicator of the true value of a stock, but I think it's a wonderful tool for investors if used strategically, even though it may seem counterintuitive at the time. Investors who master the ability to separate noise from the true signal, and can distinguish sentiment from fundamental risk-adjusted value, can wield a tremendous advantage over other market participants.

The BiQAP is built using careful fundamental analysis, with significant emphasis on risk management. BiQAP stocks are carefully selected to offer attractive long-term gains with manageable risk profiles. Many of the picks require patience, since we must often wait for sentiment to shift, usually driven by key catalysts. Even when the thesis is correct--it can take time for the market to catch up. On the other hand, it can happen much quicker than I expect. In my experience, patience, combined with careful analysis, is a critical (and often underappreciated) skill to achieve market-beating returns over the long term.

Biotech iQ was launched in Q1 of 2024. Below is a comprehensive list of all trimmed or closed BiQAP positions since the service was initially launched. Please note that my comprehensive gain/loss %, as shown in the chart below, is inclusive of all trading activity for the ticker, including options trading activity, conducted during the investment holding period.

Please refer to the BiQAP Active Portfolio page for more information on any BiQ Active Portfolio stocks mentioned in this article.

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Biotech iQ is not an investment professional, and nothing on this page or this website should be considered investment advice. Please consult with a licensed investment professional as necessary. Past performance is not indicative of future results.