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May 31st, 2007
Nanotech: Big gains from TINY
In addition to sharing his investment advice in the Forbes/Wolfe Nanotech Report, Josh Wolfe is the co-founder of Lux Capital, a nanotech venture capital firm. Some readers may recognize this name from its role in the Powershares Lux Nanotech Fund (ASE: PXN).
Wolfe's experience as a venture capitalist in the nanotech space lends extra credence to his latest recommendation -- Harris & Harris (NASDAQ: TINY), a publicly-traded nanotech venture capital fund.
According to Wolfe, Harris & Harris -- a New York City-based firm with a market cap of $275.6 million -- is invested in a diversified range of early-stage nanotech companies. He notes that its portfolio is comprised of 27 private companies.
There is high risk. He cautions, "TINY's shares trade mostly on investor hype over their potential for growth. In fact, investors are currently getting $5.42 worth of value for a share price of $13.25 - not a great trade if you're measuring performance by the usual metrics of sales and profits."
But, he adds, conventional valuation metrics do not apply well to business development companies like Harris & Harris. So what, he asks, justifies TINY's premium valuation?
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