Julian Robertson: Biotech Stocks Are Cheap

The video discusses the challenges of investing without knowing the risk-free rate or stability in fixed income. It suggests that many great companies are undervalued, presenting opportunities in biotechnology and tech sectors. Companies like Celgene, Google, and Microsoft are highlighted as reasonably priced investments.

In what ways are great companies like Google and Microsoft currently perceived in the market?

What factors contribute to the reasonable pricing of stocks in the current market?