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The Stalwart submits: The Multiple-Sclerosis drug-market has the promise to be a big one, but it's been a damn tough place to invest. Earlier this year we saw the spectacular implosion of Biogen-Idec (ticker: BIIB) and Elan (ticker: ELN) on serious safety concerns over their promising drug Tysabri. That seemed to open the door for Rebif a therapy from Swiss Biotech concern Serono (ticker: SRA), but they've gone nowhere, and now the company is "exploring its options".

So that leaves Teva pharmaceuticals (ticker: TEVA) and their drug Copaxone, which sometime last fall was basically left for dead. But they always insisted that Copaxone was effective, and with their competitors misfortunes, they've been vindicated. The stock now trades at an all time high, almost 75% higher than they were a year ago.

And now word is that Copaxone may be even stronger than thought, as a new study shows that it may actually repair nerve damage in MS patients. Obviously this turn of events would have been hard for anyone to predict, but investors shouldn't try to be fortune tellers, and it ably demonstrate the folly of simply placing your bets on whichever company is thought to have the best new drug coming out. Pitfalls abound and, as in everything else, conventional wisdom is often flat-wrong.