Odds and ends An interesting chart from the analysts at Stifel caught my eye this week. It shows the relative returns and volatility of biotech investment trusts over the past five years. It makes the point that the conventional assumptions about the correlation between risk and return do not apply for these trusts (assuming for the moment that you are happy to use volatility as a proxy for risk, which it is not of course). It also highlights the attractions of BioPharma Credit, which has consistently delivered reliable returns without excessive volatility. You would expect more price consiste...