One Man Biotech Fund
因此，我的团队，包括我在内的四个人，正在探索我要管理的生物技术投资组合的想法。仅直接投资。我还是很新的asset management（第二年），我是一体主义者，尽管我确实有生命科学背景。
I don't think this is feasible atm. For one, nobody else understands this stuff aside from me, so I have a really hard time explaining why it takes so long to evaluate companies in this space (can't expect me to come up with a buy/pass conclusion in three days, maybe a week depending on the opportunity...or am I just incompetent?). This brings me to the next problem, which is diversification. We are fairly concentrated, but I can't replicate this in biotech. From my initial calculations, I would need 25-35 positions. The worry here is the amount of time needed for accumulating this many positions. Assuming I reject at least 9 out of every 10 companies I review, I would have to run through at least 200-300 biotechs to come up with enough ideas. The most feasible option to me seems to be focusing on companies with products that already cleared phase 3, but where the share price remains depressed due to unproven execution know-how.
I am considering excluding biotech altogether and instead adding medtech, services and the occasional big pharma that I can trust as a capital allocator.
Maybe I am wrong, maybe someone here has seen one-man shops delivering consistent returns in Biotech. Would love some perspective on how I could make this work.
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