YouSaid · the spoken record

Vincent Aita

lines on the record: 73
first: 2024-10-03
most recent: 2024-10-03
sittings or episodes: 1
sources: podcast

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“I would say 30 years ago, I would tell myself that the idea that a good, successful investor leans in on conviction and intuition as their guideposts is kind of like false idolatry. I think if you take any talented investor in general and you ask them to give you your 10 best ideas for the next year, if they get seven, eight correct, terrific. But then if you tell them to rank, order them, it's not eight, nine, and ten that fail. All up your conviction scale, you fail. So I think I would tell myself previously, it's much more important to develop a robust set of guideposts in investing, a robust process of investing, rather than just worshiping this idol of like, look, I need max conviction on an idea that's going to be career setting.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say, and I'd broaden this for a moment to whatever type of avenue you'd want to go down, it really helps to spend time at this point of your life speaking to a college grad to become more of a domain specialist in whatever area that really fascinates you. You can pivot into the finance world later. The finance skill sets are the basics you'll have to learn. Their training is very, very fungible and almost commoditized to kind of know what it takes to be informed on the underpinnings of finance. Coming out of that, you'll think better about how to make investments in something you have that level of domain expertise in.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“She's great at that. Thinking and bets is really tremendous. And yeah, thinking in bets. And I'd have to say the last book I would mention, which I know has been mentioned numerous times in this podcast, but there's a reason for that. If you're in this business, it's almost like a cult need to read reminiscences of a stock operator. It comes up over and over, and there's a reason for it.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's really fascinating. In terms of prior books that I read that I have to discuss that are influential, Annie Duke's speaking bets. Is really one that I think spoke to me in terms of resonating with our investment process, understanding that for her and her career in poker, there was really nothing to be gained from just dwelling on bad beat stories. And there's really nothing to be gained from, you know, kind of worrying about success or failure of an individual hand. It's really about the process.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So, right now, I'm reading Marshall Goldsmith, The Earned Life. He is a life coach for a number of executives. He's written a ton of books just kind of about the whole self-discovery process. I think he incorporates some takes from Buddhist philosophy that I kind of feel speak to me. And in particular, it's about defining your own success. We're in a world where you can get very, very much focused on certainly what other people make or what other people's performance are or just in general comparing yourself to other people in this field. And I feel like it's important to have perspective on the definition of success being something you define for yourself and being satisfied, you know, in terms of your own personal journey, which is unique to everyone.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Who runs her own business and who in times where I faced a little bit of self doubt or challenges about going down this path, had this relentless attitude of where failure was not an option and pick yourself up and carry to the next day because you're going to do this. No tap.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So I think that probably one of the most talented healthcare investors the world hasn't heard of is Jeff Green, who I spent years with at Health Core. And who was my first portfolio manager at Citadel? And what Jeff brought to me was this ability to really appreciate the power of the rate of change in a story, the second derivative of movement in a narrative. And he had the ability to look at very, very complicated stories, very complicated topics, complicated drug development, studies, and kind of point out if you understand this. It's the key that unlocks the view of the whole trade. If you understand this portion of the income statement, this portion of the TAM. And so he was able to go from story to story and really kind of hone in on all other things being equal, this is what you need to know. And so I learned a lot from working with him. More recently in the launch of Cutter, I have to say that a mentor for me is actually my fianc ⁇.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“There's nothing fascinating about it. It's just a very easy watch. And I'm looking forward to season two of Pachinko. It speaks a little bit to my Korean heritage. Season one was just a fascinating emigrant story of Korean family based on a terrific book.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“You need a little bit of lightness and levity in terms of what you're watching. Vince Vaughn on Apple TV. And it's just a really easy watch. I mean, there's nothing.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“They missed the point of what it is. It really was a year of just delving into the background of these characters in a richer way than most shows spend the time doing. That's right. And so right now, working our way through Bad Monkey, which is, you know, I think sometimes.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“In terms of streaming content, I just wrapped up season three of the Bear, which is a terrific show. I actually lived for a few years in Chicago, so that kind of pulls at my reminiscences of being there.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the things I think when I embarked upon that was an unknown to me that I've been somewhat pleasantly surprised to the upside of as now a launched manager is there's a relatively robust infrastructure of support that has developed around emerging managers such as us to provide a lot of the tools a lot of the operational infrastructure that you're accustomed to. One of those larger firms, as third party vendored services. And so while we are independent of what is a well-developed infrastructure at one of those larger firms, we were able to replicate substantive portion of that enough to have a robust investment process through identification of other vendors who realize the value of providing that service and provide it to a much broader community. So it hasn't been as bad as I first feared when we came out.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. It's an interesting part of, I think, just the cultural differences between America and Europe and kind of how we embrace certain levels of freedoms here that we talk about as Americans. And one of them is the concept that once drugs are approved by FDA, physicians have the ability to use them in ways that they think are appropriate. Whereas in Europe, to really be able to use a drug outside of its prescribed usage is going to be difficult because the government's not going to pay for it.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“And in the past, that was FDA's mandate also. And I would imagine if you have FDA administrators in front of you, they would try to insist that's still their mandate. But as a matter of just observation, there are more and more drugs that are getting approved on the basis of predictions of their efficacy rather than proof of their efficacy.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“To approve drugs based on predictive markers of efficacy and confirming they work later in follow-up studies, whereas Europe is still kind of old school and wants to see more proof of clinical benefit before the government payer starts doling out cash to pay for these things. So there's actually, I think, a little bit more willingness to be speculative in the approval process here in the US than there is in Europe.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's interesting. The way I described the U.S. equity markets and the earlier speculation and success that we see here, I almost see an analogy in the way the regulators think on a drug approval process because the US FDA in recent years has become much more active in allowing drugs to get approved based on so-called surrogate markers of efficacy. In the past, for a drug to be approved, you had to demonstrate against a tangible clinical endpoint that your drug worked. And now we're moving more and more in the interest of getting drugs to patients faster.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Is in US, particularly for the market neutral world where we're living, there are times where whether you want to call it positioning or crowding in names or unwind regime, however you want to describe it, where U.S. equities tend to act together in a de-risking kind of mode and it's based on what's popularly owned by the major hedge funds and they're de-risking themselves. Europe in general doesn't behave in the exact same lockstep with the US. So if you have a relatively robust European book, it allows you to hedge yourself from some of the US crowding exposure. Because you're in a different world of investors and a different mindset and different drivers of those equity markets. So it provides a little bit of diversity to the approach and portfolio.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“They tend to be more aggressive in their willingness to price in early data as proof of concept. I mean, there was even... Time period during the height of the low rate biotech boom where we used to sometimes joke that proof of concept was having a concept. These things just ran as soon as companies announced they were working on things. European investors by and large is a generalization, but European investors generally want to have a more solid proof of concept before they start pricing in those opportunities to those equities. And so there is interesting opportunity there for you to get ahead of that curve and bring a little bit of US style speculation to European biotech and look at some of those names. So that's an interesting reason to be in Europe. Another quick vignette on why it's interesting to be in Europe.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think what's interesting about investing in Europe for us might not necessarily be directly related to a view we have on the discounted valuations there. Although what I would say about that is by and large U.S. investors tend to be more speculative at earlier stages of development being more willing to credit companies for future cash flows well in advance of the realization of whether those products will come to market or not.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So I would say we stick to our domain expertise. And we have a team that's highly specialized and focused in their career history and path to be healthcare specialists. And so we prefer to kind of stick to where we have that level of domain expertise. And then beyond that for a second, I would just say that the GLIP ones are an exciting introduction to the broader investment world into what we do in healthcare every day. But it's relatively few and far between the type of drugs that have such an impact on a macro level that you could thematically bet outside the sector on their impact. So, you know, we have a preference to remain in the healthcare world.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“No, absolutely. That's why I think part of the style of investing we have looks at individual investment opportunities through more of a thematic lens where we will then look at constellations of winners and losers and put them together in one trade. So our trades are often three, four positions that are combinations in a particular therapeutic class, incumbents, innovators, fast followers that are all going to have different varying levels of their value influenced by these news events. And by pairing them up long and short, you're hoping that while you're waiting for that event to play out, you're hedging some of your market exposure. So to put it your way, if that's short is the short, which is the key to the trade is going up with the market. Hopefully your longs are protecting you and making enough on the upside while you wait to get paid for the short.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“You'll indulge me for a moment. Cutter Capital itself is a baseball reference. I'm a big sports fan. They cut fastball is a pitch that Mariano perfected. That's equally effective on left hand hitters and right hand hitters depending on how he delivered it. For us, that represents our research process, which by doing the same type of analysis over and over, emerging from that are opportunities where we find events as they are reflected in the underlying equities to be either indexed over enthusiasm or underappreciated. And when there's over enthusiasm in a situation when equities are reflecting fully an expectation that this innovation is going to work, that provides you an opportunity to find shorts because if that doesn't work out and everybody's got to change their view on the opportunity, you know, those equities are going to suffer.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“And so sometimes companies that in their current market conditions, you wouldn't call cheap. But they have additional accelerators on performance. They have additional upside in their pipelines that could continue to have them outperform that might not be fully appreciated by the market. We'll still be interested in those names.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“I think so. It's pretty close. The one thing that I'd layer on top is it's not so much, I wouldn't say that we're so much solely driven by a value mindset so much as we're driven by recognizing the potential for upside optionality.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Over the next three, six, nine months, what are the inflection points in the practice of medicine and who are the winners and losers in that? And we try to build thematic trades that will be constellations of winners and losers that allow us to kind of hedge some of those other exposures and really accentuate our exposure to the scientific driver of performance in those names.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that's a good description of it. I mean, what we're trying to do is really focus on this thematic style of investing that is really trying to harvest the inflection points and innovation and medicine and how that impacts the related equities to that. And take kind of market dynamics out of the mix. Take exposures to different style factors in the portfolio out of the mix. So things like momentum, things like a growth versus value bias, and et cetera, et cetera, pulling their exposures out of the portfolio and really leaning into the bets you're making on a scientific basis. So we ask the question at Cutter.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“You could get a spot an allocation in someone who runs a Citadel style equities portfolio, which is what we do. So our risk parameters. Market neutral and factor neutral are very similar to what you would have inside one of those other firms such that if you kind of dropped our strategy into one of those firms, we wouldn't have to change what we're doing.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So the goal at Cutter when we came out was looking at if you take the experience base that I had had previously at the multi-strategy funds that I had worked at and the industry in general, if you expand it to the Ballyaznes in 0.72s and everybody else, there is this convergent evolution of interaction with the market that these firms have all developed to have teams of a certain size, sector specialists managing certain amount of capital in that subsector in a market and factor aware type approach. And we thought at Cutter, why not democratize that a bit and allow the broader investor community to plug and play in their portfolios one of those high performing teams and be able to take that expertise in-house to their own personal portfolios, if you will. You may not be able to get a spot as an allocation in Citadel, but”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“They do. And I think that the pharmaceutical industry right now in general has reached a really good balance of having competition. For sourcing products internally and externally. And they're targeting their RD efforts more and more in specific areas of expertise where they have previously shown successes and they had the infrastructure built and are no longer trying to be one-stop shops that do research on everything. They have internal R&D on what they're good at. And then they look externally at bringing in other products that could have the benefit of helping their growth rate and long-term value creation for their shareholders, but also really leverage their internal commercial capabilities and regulatory capabilities to aid these smaller companies in getting over the finish line. So it's a really good symbiotic relationship that's going on.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Over this past summer of weight loss levels that are comparable but with a better tolerability profile. And the goal here is going to be able to make these drugs experientially better for patients. And that's not just the vanity perspective or convenience perspective. It's going to help patients stay on these drugs longer. And tolerate the whole therapy”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“And a lot of that's already kind of baked into the expectation there. What's fascinating now, if pharma does absolutely nothing else well, they're very good at being copycats and knowing that this mechanism works and has this potential has everybody chasing a better version. And what's really interesting right now in terms of the investment world are the second generation obesity drugs that can look at how the successes of Novo and Lily and iterate on it. And there's a wealth of that in development now and those are really fascinating. One example of that is a company, another Danish company, Zeeland Pharma, who are developing a amlin-based therapeutic, which is related in overall biology, but not quite the same target as GLIP1. And they've shown some of the first data.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think that by and large for the incumbents, Eli Lilly and Novo Nordisk, you know, a lot of the easy money on this is done. They've already reached levels that in terms of both multiples and market cap that you haven't seen. This year, where Novo Nordisk had a larger market cap than the GDP of its host country. Know it's impressive. It's impressive”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“There are definitely other elements of related, they call it a metabolic disorder and it's a broader stroke of things that can be. That could be positively impacted by this. I should say it's not necessarily clear that they're impacted because of GLIP1 versus being impacted because you're losing weight. But the net of it is still a positive.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think that that's correct. I think that there's two phenomena that are going on there. One is an understanding that obesity itself is such an integral risk factor to a number of different seemingly potentially unrelated conditions that when you reduce that burden of obesity, you're reducing its impact in a number of ancillary disease states such as apnea.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. I think there was a little bit of a realization ahead of time that this was its own type of bubble. And that was going to wind up passing.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Not permanent. Once the pigs through the Python, that's it. Exactly And so I think there was a lot of that taking place at the time driving companies like Moderna and Bayenta and even Pfizer at that point. Pfizer trading off a multiple that is derived from a huge proportion of its revenue coming from COVID just didn't make Valuation sense.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, absolutely. I think that it was probably driven by a search for any sort of thematic lens that could drive returns that had investors Crowding into anybody who was helping while everybody else was being hurt, the difficulty in that investing at the time was people putting, you know, multiples of value longer term on what was inherently a short-term stopgap contracting. I mean, you know, realistically, those contracts were really only worth the profit they generated in near term and putting a multiple on them didn't make sense because there's no annuity value.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think one of the unique attributes of healthcare, among the others, that we've kind of discussed here is that there's never want of news flow. And so the strategy that I've been running for a while previously and looked to emulate at the start of Cutter is really the harvesting of volatility around the healthcare drug development process on both the long and the short side. And so I'm not really necessarily looking to take a bet that innovation in general is at a certain peak or nature. I'm just happy that it's happening so that there's an opportunity set for us to get involved with.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think it's hard to necessarily speak for kind of the broader fundraising environment at large. I think for myself, I had the benefit of an experience set that was very attractive to the market on the heels of significant outperformance that Citadel and Millennium were having relative to other peers at that time. I am willing to admit that pedigree probably probably helped. Start the process, at least open the doors, and then the conversation. Is what follows, but that allowed to have the initial conversations get started. So I think I probably benefited from their performance in retrospect.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would like to try to take more credit for the timing than maybe I can. A lot of it was dictated by the timing of my decision to leave Citadel. But at the same point, when I left Citadel, I hadn't escaped my attention that we were in the midst of a significant regime change in the market. And it's not a bad time to sit it out if you're going to pick a time to sit it out.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“And so this is starting to happen where you're seeing survival rates pushed out so far that it's converting them into livable diagnoses.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Trying to develop new therapeutics for. And so I think CLL might be on the verge of chronic lymphocytic leukemia, might be on the verge of becoming one of the first diseases that's no longer actuarily different in your death prognosis than an age-matched unaffected person. So in other words, you're no longer dying of that disease. And that's like lymphoma.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's going to be very variable based on the underlying type. Cancer because some of them are still much, much more amenable to intervention than others. So, for example, pancreatic cancer, which is slow to really kind of have improved outcomes on. It's really because the ability to diagnose it early is so difficult. Ovarians is another one where it's so difficult to diagnose early. Whereas cancers that kind of show up a little bit more readily, breast cancer, a lot of different forms of blood cancers. We've had much more of a head start.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. Even better. Oh, that's phase two. That's science fiction. I'm right there with you. Yeah, I think that's a bit far afield. But in terms of healthcare innovation's impact near term, it's driven more so by taking what was previously viewed as kind of very loosely defined conditions and narrowing the definitions of them based on the underlying biology of that disease in a tighter, more well-defined biologically defined subgroup of patients and then developing therapeutics that target that. And that's where we're headed and it's fascinating to be a witness to that and gets invest along the way.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Longevity is still an open question because of so many different things you've got to tackle all together. And that pulls into it a lot of other lifestyle related and more kind of metabolically related issues. And so that's almost delving more into the world of nutrition and health. So it's hard to go down that route.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Therapeutics, but you're starting to use Target antibiotics. Gene therapy is being approved now at rates that we'd never seen previously, even if they're for niche diseases. It's a proof of concept that that's all on the com. So it's a very exciting time in healthcare for innovation.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. And that's allowing for the creation of much more precise targeted therapies that are not only delivering better efficacy than your former mainly chemistry driven. Medicines, but also having a better side effect profile because they're more targeted to what's wrong with the disease. So it is tremendously fascinating that this is going on. It continues to emerge. It's starting to move into cardiology. It's starting to move into other areas of medicine. The medicines themselves are becoming more genetic in nature, whether we're starting to utilize, I mean, even coming out of the pandemic, an mRNA-based.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“What's amazing now is we're finally seeing the realization 20, 30 years later of a lot of the work that was done at the turn of the century to provide those insights into the genetic underpinnings of a lot of human disease. And today, more and more, we're no longer seeing diseases defined by what tissue that they affect or what organ system is involved, but they're more and more being defined by the genetic underpinnings of those diseases, even in cancer these days before. You used to have two types of lung cancer, it was either small cell or non-small cell, and maybe you got granular enough to ask if it was squamous or Adenocarcinoma in histology. Today, we're asking, are you alk positive? Are you EGFR positive? Are you Ross positive? Meaning that specific.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“But the nature of the drug development process mandates that the clinical research for these drugs at various phases of development, starting when the drug is first put into man, gets published. And gets presented at medical conferences. And even the conduct of future studies is publicly posted. So you're able to then have a lot of information that could help you formulate a view on the probabilities of success or failure and the ultimate end user markets for those products that you can't really have in other sectors. And it also provides a big opportunity for investors to mispric those assets because they're taking behaviorally driven bets on things they love, things they hate, and since you're years away from ultimately being proven right or wrong, there are a lot of ups and downs along the way. So it's a really fascinating subsector to be delving into from an event-driven perspective.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source
“What's actually really interesting about healthcare as a sector of the market is I would argue you have more visibility and a longer time period to evaluate the future cash flow generative drivers of those businesses than any other sector. I mean, sure, Apple every year might give you a look at what they're launching that year, but you don't really have a couple of years look into their R&D. Right. Really don't have to look into RD for utilities companies or whatever retailers for sure energy consumers what they're working on.”
2024-10-03 · Masters in Business · The DNA Behind Good Investing with Vincent Aita · IDENTIFIED FROM THE TRANSCRIPT · source