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Finding Value in Biotech

Despite the biotech industry having pockets of extreme and irrational ebullience, the largest part of the industry is systematically underfunded. It's also the highest-value-add part of the industry from a risk-adjusted basis. In this video we have a philosophical discussion…

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The Psychology of Passive

There have been many words and frustrations published regarding the shift of investors from active to passive funds. To our knowledge there have been none highlighting the shift in psychology that takes place when investors transition to becoming passive index…

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A Purpose Driven Decade

It’s been a year of significant growth for us. A year ago, we merely suggested to managers value creative actions they could implement at their companies. Today, we are effectuating change from inside our largest position. We’ve continued to lower…

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The Wandering TRIP

"Not all those who wander are lost." JRR Tolkien  One of the most frequent monsters in investors’ collection of nightmares is “thesis creep.” This is when the dynamics have changed to the point where you can barely recognize the original…

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The -£17B Engine

We're delighted to provide a research update on one of our favorite positions, Rolls-Royce. Click here to read "The -£17B Engine" After you read the note, please take a stab at predicting your own forecast of what the company's fundamentals…

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Noise, Intuition & Judgement

At our investor day in September, we spoke with Dr. Phil Tetlock about the roles of noise filtering, intuition and game theory in good decision-making. We also kicked off a new Superforecasting trial that we're conducting with our investors in…

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A Trial Whose Time Has Come

Yesterday, we hosted our first, and certainly not last, investor day. We had three doctors on stage (two of which were CEOs of our favorite positions), we talked about the Builders (with more to come on that), and launched a…

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