The Psychology of Value Creation
Click here to read this article in PDF format. Or simply listen to the article via SoundCloud.
Click here to read this article in PDF format. Or simply listen to the article via SoundCloud.
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…