This morning we focused on updating our stock portfolio and researching some of the causes behind recent swings in the portfolio. We focused our attention on Ligand Pharmaceuticals which reported excellent quarterly financial results and yet the per share price of the stock dropped considerably. We determined that one of the company's affiliates reported less than favorable performance of one of its products which caused an over reaction in the stock market. Lesson learned is that the quality of your research is very important when making decisions on when and how to buy.