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August 25, 2000


Investment in Biotech; GM Food Fight in Asia; Traditional


Today I saw a report from a columnist for worldlyinvestor.com (an on-line
investment newsletter) that stated that, through August 24, 2000, the top
performing mutual fund sector in the Year 2000 is "Health and Biotech."
This Biotech sector is up 45.13% for the year in terms of investment
performance. The columnist wrote that the gains are almost exclusively
from pharmaceutical biotechology companies.

I report this information because I think it provides evidence, through
investor confidence, that pharmaceutical biotechnology has met market and,
impliedly, consumer acceptance. Yet, the debate about agricultural
biotechnology continues unabated in the food and feed sector. I have a
feeling that consumer acceptance will rise rapidly for agricultural
biotechnology when agricultural biotechnology produces functional foods
that can truthfully label health claims. In other words, I speculate that
as agricultural biotechnology merges into "pharming" that the consumer

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