Given that most of the January 1999 Hambrecht & Quist conference was given over to biotechnology—whose investment popularity has reached new lows—the sheer number of attendees was breathtaking: more than 4400 registrants, about 1000 more than last year. In part, the growth in attendance stems from the growth in the number of companies presenting: the more presenters (about 300 firms this year, up from 220 three years ago), the more analysts from each investment firm, company representatives, VCs, and the various PR tag-alongs.
But for those investors who were listening, presenters were delivering a new message: leverage. In the mid-1990s, biotechs sold Wall Street on the concept that drug companies, looking for faster...