It’s that time of year again.

I’m speaking, of course, of the J.P. Morgan Healthcare Conference. Starting Monday, management teams from hundreds of biotech and pharma companies will file into the Westin St. Francis Hotel on the western side of San Francisco’s Union Square. Over four days, these executives will stride up to podiums in conference rooms large and small to pitch their company’s investment story to crowds of Wall Street investors sitting in uncomfortably close quarters.

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