My view is that the TroVax results are encouraging, perhaps even very encouraging, perhaps even the best around at the moment; but a successful phase III (and subsequent regulatory approval) cannot be assumed. Surely most people will agree with that. Risk remains until approval is given; assessing the risk gets easier every time we get more trial results. Big pharma understands this, most sensible investors I would imagine would too. Any disagreement should only be around the degree of risk perceived to remain - and as that is very hard to quantify objectively, it remains a matter of hope / sentiment / gut feeling / in the waters / crystal ball or whatever, and as such it's hardly something to get personal about is it?