Research-Driven.

A complex and ever-changing investment landscape provides challenge and purpose for our team.

Thought Pieces

Biotech’s Slump: Symptoms, Diagnosis, and the Case for Optimism

We believe recent volatility in the Biotech market reflects indiscriminate selling across biotech rather than fundamental weakness, and the absence of natural buyers has exaggerated the downturn. While this overhang has driven sharp dislocations, we remain confident in our long-term thesis and patient in our positioning, though we believe it is important to acknowledge some of the nuanced factors that may be behind the recent drawdown.
The AI Revolution: Balancing Promise and Peril with a Diversified Portfolio

The uncertainty surrounding the future of AI presents at least two plausible outcomes. This AI wave may take its place alongside the housing and internet bubbles, or it could truly be one of the most pivotal innovations since the Industrial Revolution. Constructing a portfolio with a broad base of diverse building blocks provides stability and helps ensure that investors are positioned to weather market shifts and uncertainties.

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Looking Beyond the Bumps: Opportunities in Biotech

We remain optimistic about the future for the biotech sector as a whole, and more so for managers that possess a combination of investment edge and risk management. The fundamental drivers of our optimism—aging populations, ongoing healthcare advancements, and breakthroughs in treating rare diseases—remain as strong as ever.

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Our Thoughts on the Credit Markets

The Federal Reserve (“the Fed”) drove most of the market action in 2023. Given the lack of buffer that accumulated wealth provides, more recent generations’ level of spending is much more brittle than that of their parents and grandparents and could contribute to a rapid onset of a consumer-led recession even if there are relatively mild job losses.

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Long Short Equity – Brighter Days Ahead?

Less competition in combination with other structural tailwinds, like increasing stock dispersion and price volatility, make long/short equity a compelling contrarian bet in our opinion – certainly much better than an index or Any Seven bet.

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