biotech

“So if I look at over my career, there's probably been 15 areas of medicine in any rolling two or three-year period that was changing, and now there's probably 40 or 50 areas of medicine, so there's a lot more change happening in the sector than there has been …”

“We are seeing now improvements in delivery mechanisms like Carti, in implementation mechanisms like CRISPR, and all of these things set us up, I think, for a renaissance in biotech”

“At its highest level, you have today some 600 public companies in this country, about out of 4000 total public companies, so it's about a seventh of all public companies in this country are in biotech per se. They small caps, so the total caps about six hundre…”

“Investors like me are saying, don't sell yourself. Don't partner. You don't need them. I'll give you the money. Go at it alone. Build out commercial. Become your own standalone company, and many, many more are going that path, and I think that they don't need …”

“There is a IPO, time to public market, that has been far shorter than what the tech industry has experienced, Because unlike the tech industry, these companies' product development cycles are seven to 10 years, and they need capital, and so the public markets …”

“In terms of directly investing into biotech and life sciences companies that take FDA risk, we won't do that.”

“The market went from being heavy risk on to heavy risk off in those particular sectors, and probably was way overbought, and now it's probably way oversold.”

“When I think of how do all of those compete with each other, it's not going to be emerging markets that gets my, say, redeployment, rebalancing dollars. We just actually put more money to work in biotech.”

“We're fundamentally value oriented and we are looking for asymmetric risk reward. The trick is that you have to overlay that we live in a probabilistic business or one that's binary.”

“I put things in three basic buckets. Low percentage of the time management that is so stellar. That you think they can take a very marginal product, right? They can sell ice to an Eskimo, and there's drugs like that. And they can find a way to get it across th…”

“I mean, honestly, I think biotech, especially the way we, that I've always done it, which is longer term oriented, is difficult to fit in any larger firm that's not focused only on healthcare.”

“We learned that there's a lot of risk other than equity beta in these portfolios, ok? China, there's geopolitical risk, and Biotech, there's basic regulatory risk, small company size risk, unprofitable or profit tomorrow company risk, and all of those are risk…”

“Okay, so a lot of biotech, unfortunately, is based on taking something that's already out there and tweaking it very, very slightly, changing a few atoms here and there in order to get a patent worth 20 years of life, and then going to market there with an inc…”

“It's one of the reasons we don't do much in biotech because we have not managed to hire that onto our team, and the more time I spend on it, the more convinced I am that without that knowledge, I just don't believe that we can be successful choosing managers i…”

“I think we're going to start seeing this in venture and bio right now, and maybe real estate where deal volume is slow. What are they doing all day? How do you manage that as the managing partner? You're going to start seeing that.”

“I think biotech is a really interesting place to be investing in the public markets right now.”

“So biotech's another example where there's clearly in that marketplace an advantage to specialization. There aren't many like that in public markets where the generalists are clearly at a disadvantage to the specialists.”

“One of the places where we see public, private, and credit incredibly dislocated, unloved, and where we think there's huge opportunity is biotech. It has been such a bubble through the pandemic where biotech and vaccines were going to solve everything, and now…”