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" ... At least in drug development, investors generally recognize the optimism that’s baked in, and (outside of ultrasexy areas like immuno-oncology) tend to be extremely cautious about early results. The difficult challenge for biopharma executives is cultivating optimism -- so that teams sally forth into brutal battles against outrageous odds -- while maintaining a sense of pragmatism, so that excessive good money doesn’t go into bad, doomed projects. ... "