Reading Time: 21 Minutes. Click here to read this letter as a PDF. The Use of Adversity "Always seek out the seed of triumph in every adversity.” -Og Mandino This year has been humbling for us. Our second quarter performance was…
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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…
Our third quarter letter reviews our process and its increasing ability to predict future returns. Every time our portfolio's risk-adjusted return has hit high levels, subsequent performance has been strong. It remains above 20x, and above the previous record-high from…