The buy-side view, redux

A year ago, in its premier issue, BioCentury asked fund managers what kinds of criteria they used to pick biotechnology stocks. One year, many clinical disasters, a few shining triumphs and a health care plan later, it seems appropriate to ask if and how they have changed.

Summing up the past year, Stephen Lurito, who runs Warburg Pincus Counsellors' Emerging Growth Fund, said "1993 was a humbling year for a lot of us. It was where the dream met the reality. 1994 is the year that I'm going to declare victory on some things and declare defeat on some things and move on. I think a lot of people did it last year and a lot of people are going to do it this year. ...